Gadchiroli July 25 (District Correspondent) The Directorate of Income Tax Nagpur, conducted an awareness seminar on Statement of Financial Transactions (SFT) Compliance and the e-Verification Scheme, 2021 at the premises of District Central Co-operative Bank here recently.
The objective of the event was to sensitize Reporting Entities and professionals on statutory obligations under the Income Tax Act and encourage improved compliance.
The session began with an inaugural address by Mr. Rishi Kumar Bisen, Additional Director of Income Tax (I&CI), who outlined the framework and significance of the e-Verification Scheme, 2021. He highlighted the critical role of SFT data in tax compliance and return filing, and also elaborated on the responsibilities of Reporting Financial Institutions under international frameworks such as FATCA and CRS, with respect to filing Form 61B.
A technical presentation was done by the organizing officer D K Jha, Income Tax Officer in two segments. The first segment focused on the interface between the taxpayer and the e-filing portal — particularly how taxpayers can view shared data and are expected to take cognizance of it during return filing. Attendees were also advised to monitor the e-filing portal regularly for communications and notices issued under the e-Proceedings framework.
The second segment covered essential compliance topics including key features of the e-Verification Scheme, 2021, timelines for filing Form 61A and other reporting obligations, guidance on rectifying defective SFT filings using Data Quality Reports (DQR), PAN validation tools and filing procedures for Forms 60, 61 and 61A etc.
The session also included an open forum where participants shared their queries and challenges related to SFT filing and data reporting. These were addressed in detail by Mr. D K Jha. The queries posed by the participants were also graciously addressed by Mr. Nitin Shrivastava.
The event concluded with a vote of thanks by the Directorate of Income Tax. The event was coordinated by Himanshu Sharma and Ramkrishna, Inspectors of Income Tax.
The seminar witnessed active participation from officers of Sub-Registrar Offices (SROs), Co-operative Banks across Gadchiroli district, members of the Trade Association, the Tax Bar Association, and Managers of GDCC Bank. Around 50 delegates attended the event.
