FOR collection of data on high-value transactions done by the taxpayers, the Income Tax Act has framed a new concept to furnish the Statement of Financial Transactions (SFT) in a prescribed Form 61A, also know as Annual Information Return (AIR) previously, said Sandeep Bandhu, Director of Income Tax (I&CI). He was speaking at the out reach programme orgnaised by Confederation of All India Traders (CAIT) at its meeting hall here on Wednesday.
He further said that the Statement of Financial Transactions in Form 61A is a record of specified financial transactions that should be furnished under the Income Tax Act. The specified financial transaction includes sale, purchase or exchange of goods, rights in property or interest in any property, works contract, delivering services, any investment or expenditure, accepting deposit or taking loan. Sandeep Bandhu further said it is important to note that different values with respect to different transactions for different persons by considering the nature of the transactions have been prescribed in Income Tax rules.
The compliance mechanism is purely online and any assistance required is available on portal. Welcoming the guest Kishore Dharashivkar, President Team CAIT Nagpur, said that it is a positive change in attitude of Government that previously we have to go to department for every work and now the department is coming to tax payers for educating them. Addressing the workshop B C Bhartia, National President Confederation of All India Traders (CAIT) said that it is policy of CAIT to work hand in hand with various departments. CAIT tries to educate traders on various statutory provisions & keep them update so that traders can do statutory compliance correctly, completely and timely.
By power point presentation Gunwant Bhoyar, Income Tax Officer explained various provisions of the rules, details to be filled in form, who will be required to do compliance and what are due date. He also explained the consequences of non compliances. After the PPT lively question answer session was conducted in which traders took active part. D.B. Gohil Joint Director I & CI while summing-up the proceedings said that he was very happy to see the interest and eagarness to understand the law. Number of question shows that the programme was very well received by traders. The programme was conducted by Organising Secretary Nikhilesh Thakar and vote of thanks was proposal by Swarnima Sinha. Present were Devendrakumar Income Tax Officer, Gopal Agrawal Chairman, Ramkrishna Gupta Vice Chairman, Mathurprasad Goyal, Shankarlal Jalan, Chhaya Sharma, Sanjeevani Chaudhari, Sapna Talreja, Dyaneshwar Rakshak, Prabhakar Deshmukh, Ravidra Gupta, Jayshree Gupta, Vinod Gupta, S V Bhutolia, Jagdish Gupt and General Secretary Farooque Akbani.