I-T Dept holds SFT awareness programme for DCCBs in Vizag

With the deadline for filing the Statement of Financial Transactions (SFT) nearing, the Income Tax Department on Friday conducted an outreach programme in Visakhapatnam to sensitise officials of District Cooperative Central Banks (DCCBs) to compliance requirements, reporting norms, and procedural aspects under the Income Tax Act.

Branch managers of DCCBs from Visakhapatnam, Vizianagaram, Srikakulam, and Anakapalli districts attended the programme. Officials said cooperative banks play a crucial role in rural credit delivery and financial inclusion for small traders and rural entrepreneurs, making accurate reporting essential for transparent financial monitoring.

During the session, officials explained the importance of filing SFT in Form 61A, stating that it enables the department to identify high-risk cash transactions and strengthen non-intrusive, data-driven tax administration.

Participants were briefed on the reporting requirements for cash deposits and withdrawals in savings and current accounts during a financial year. Officials also highlighted common mistakes in SFT filings, including non-aggregation of accounts across branches, incorrect date formats, and non-reporting of Form 60 cases.

Special emphasis was laid on filing Form 61A accurately before the due date of May 31, 2026. Officials warned that delayed compliance could attract a penalty of ₹500 per day under Section 271FA of the Act.

The department also explained statutory timelines, prescribed forms, digital filing procedures, record maintenance practices, and updated compliance mechanisms applicable to banking institutions.

Officials said the outreach initiative was aimed at improving awareness among stakeholders and ensuring smooth implementation of the Income Tax Act, 2025.