The Income Tax Department organizes an information program on Statements of Financial Transactions

The Income Tax Department (ITD) organized an awareness program on Statement of Financial Transactions (SFT) under the supervision and guidance of the Directors of its Investigation and Central Information Wing at the Krishna District Cooperative Central Bank (KDCCB) branch here on Tuesday.

Addressing the seminar, Deputy Director of Income Tax Krishnagiri Deshpal Singh emphasized that SFTs must be filed accurately and without errors and highlighted the crucial role played by cooperative central banks in providing financial services to rural borrowers, small traders and rural entrepreneurs. He said the SFT helps in identifying high-value cash transactions and contributes to transparent tax administration.

Mr. Singh advised officials to avoid common mistakes while filling Form 61A such as account aggregation errors, incorrect date format and failure to provide details of Form 60. He further instructed that the returns should be filed on or before May 31, 2026 and warned that a penalty of ₹ 500 per day may be imposed for delay under Section 271FA of the Income Tax Act.

KDCCB Branch Managers from NTR and Krishna Districts, District Registrar Kiran Kumar and Vijayawada ITD Officers N. Madhusudhana Rao and B. Sam Sundar and others were present.

Published – 26 May 2026 20:46 IST