IT Department discusses filing of SFT

Ludhiana, January 11

A seminar for creating awareness regarding correct and timely filing of SFT (statement of financial transaction)/ AIR (annual information report) and consequences of not filing of the SFT or incorrect filing of the SFT was organised on Friday by the Income Tax Department.

Representatives of co-operative banks, registrars and sub-registrar officers were invited to the seminar, which was addressed by Income Tax Officer Bimla Rani. Bimla Rani deliberated on the importance of correct and timely filing of the SFT. The last date for filing SFT for transactions carried out in 2018-19 is 31.05.2019

“Non-filing of the SFT shall be viewed adversely and penalty shall be levied and in case of habitual offenders, projection shall be launched under provision of the Income Tax Act, 1961,” she said. — TNS

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