Hyderabad: A seminar on filing of statement of financial transactions was conducted by directorate of income tax (intelligence and criminal investigation), Hyderabad at income tax office, i.t. towers, Masab Tank, explaining the provisions of income tax act, governing the filing of statement of financial transactions. Sub-registrars are statutorily obligated to report immovable property transactions exceeding ₹30 lakhs and collect pan of all transacting parties for transactions exceeding one lakh Rupees.
A statement containing all reportable transactions is required to be filed by sub-registrars by 31st may 2023. The directorate of intelligence and criminal investigation is tasked with the responsibility of ensuring timely and defect free filing of statement of financial transactions. Addressing the large gathering of sub registrars of Hyderabad, Ranga Reddy and adjacent districts, M. Vijay Kumar, IRS, Director (I&CI) has explained the importance of filing of sfts by the Sub-Registrars in augmenting the revenue collection.
M. Vijay Kumar, IRS also touched upon the scheme of e-verification that has resulted in filing of updated return in large numbers.The seminar was presided by M. Vijay Kumar, IRS, Director of Income tax (I&CI) (AP&TS), Hyderabad and M. Venkat Rajesh, Additional Inspector General, Registration and Stamps, Telangana. Waseem UR Rehman, Addl. Director (I&CI) and V. Srinivasulu, Joint Inspector General, Registration and Stamps, were also present for the occasion. The efforts of the directorate in sensitizing the sub-Registrars about the statutory provisions of the income tax act and walking them through the procedure of sft filing was well appreciated by all participants.