JAMMU: Directorate of Income Tax (I&CI), Jammu, in collaboration with Inspector General Registration, J&K, organized a training cum awareness programme on third party compliance management and filing of SFT -012. SFT â 12 stands for Statement of Financial Transactions and capsizing the details of sale and purchase of Immovable property filed by SROs.
The idea for the joint training programme was conceived in the last outreach programme held in Srinagar on 7th of November 2024 between Anshuman Sharma, IRS, Director of Income Tax, I&CI, Chandigarh, and Bashir Ahmad Bhat, IRS, Inspector General of Registration, J&K. The genesis being, frequent and repetitive errors that occurred in filing of SFTs by the respective SROs.
These errors not only increased the compliance burden for the SROs but also burdened the IT systems of the Income Tax Department. The quality of data filed left a lot to be desired. G.J.Singh, Registrar Udhampur, delivered the welcome address and exhorted the officials present to imbibe the finer points and nuances critical to filing of complete, accurate and error free SFTs.
Parvesh Khajuria, ITO (I&CI), Jammu made a detailed presentation and apprised about the requirements of third party compliance. He highlighted the importance in collection of financial intelligence and its role in national development. He also clarified the doubts raised by the participants.
With respect to SFT filing, Jatin Malhotra, CA, the resource person explained in detail the process of filing SFT-012. He also addressed the practical issues faced by SRO during the filing of SFTs. He stressed on the important role that reporting entities, especially the SROs, play in collecting data of financial transactions.
G J Singh proposed a formal vote of thanks and expressed his gratitude to the Directorate of Income Tax (I&CI), Chandigarh for organizing this programme. IG registration Bashir Ahmad Bhat requested to continue this collaboration so as to improve the skill set of the officers.
Jasmeet Singh, Principal Revenue Training Institute, Rajeev Magotra, Additional DC Rajouri and SROs of Jammu province, staff of IG (Registration), J&K participated in the program.
