‘Cost accountants should ensure compliance of SFT’

Source: The Hitavada      Date: 01 Jul 2018 11:01:50


 

 

Business Bureau,

A REPORTING entity or individual is not required to make any payment of taxes while making the compliance under the Statement of Financial Transactions, Law and Procedures (SFT) mechanism. Therefore the professionals like cost accountants should come forward and ensure positive compliance of SFT. This was announced by Sandeep Bandhu, Director of Department of Income Tax Intelligence and Criminal Investigation (I&CI), Nagpur while speaking at a workshop on ‘Statement of Financial Transactions, Law and Procedures (SFT)’ organised by The Institute of Cost Accountants, Nagpur Chapter and Department of Income Tax, Nagpur.


Highlighting the importance of SFT, Bandhu explained the importance of Form 60. “It is a Form for declaration to be filed by an individual or a person not being a company or firm who does not have a permanent account number (PAN) and enters into any transaction specified in rule 114B,” he pointed out. He also explained the contents of Form 61A to be filed under SFT.


Dhanjay Wanjari, Joint Director of Income Tax (I&CI), Nagpur explained the provisions of SFT under section 285BA of Income Tax Act 1961. “SFT cast a responsibility on the persons which are covered under rule 114E to furnish such records and reporting transactions and persons that need to file such records to Director / Joint Director of Income Tax (Intelligence and Criminal Investigation) within the time specified,” he said. He also lauded the efforts of professionals for initiating the compliance of the same.


Dr Kaumudi Patil, Joint Director of Income Tax (I&CI), Nagpur and Shashank Sharma, Income Tax Assistant, made power point presentation with the detailed analysis of form 61A i.e., Statement of Specified Financial Transactions under section 285BA(1) of the Income-Tax Act, 1961. They deliberated upon all specified “13” reportable transactions under SFT with illustrations which are required to be complied by reportable agencies.


Officials of the Income Tax (I&CI), Nagpur answered to all the queries being raised by the members during the valedictory session. The programme was attended by representatives of industry and profession .


Prominently present in the workshop were CMA P V Bhattad, Past President, CMA Shriram Mahankaliwar, Secretary WIRC, CMA Y P Sah, Chairman, CMA Anan Sahasrabuddhe, Vice Chairman, CMA Samir Joshi, CMA G R Paliwal, CMA Kiran Badve, CMA Vivek Chavan, CMA Rachana Dixit, CMA Sonal Baxy, CMA Swati Kaple and administrative officers of Income Tax Department Nimodiya, Shashank Sharma and officers from HDFC Bank. CMA Adity Sontakke conducted the proceeding of event while CMA Anil B Verma, Secretary of Nagpur Chapter proposed the vote of thanks.