Excelsior Correspondent
JAMMU, Feb 13: Inspector General of Registration,J&K in collaboration with Directorate of Income Tax (I&C) Jammu charge organized a training cum awareness programme on third party compliance management and filing of SFT -012 (Statement of Financial Transactions) capsizing the details of sale and purchase of immovable property filed by SROs.
The idea for the joint training programme was conceived during the last outreach programme held in Srinagar on 7th of November 2024 chaired by Anshuman Sharma, , Director of Income Tax, I&CI, Chandigarh, and Bashir Ahmad Bhat, Inspector General of Registration, J&K .
The genesis of the program was the solution to the frequent and repetitive errors that occurred in filing of SFTs by the respective SROs. These errors not only increased the compliance burden for the SROs but also burdened the IT systems of the Income Tax Department.
Registrar Udhampur Dr G.J.Singh, delivered the welcome address and exhorted the officers and officials present to imbibe the finer points and nuances critical to filing of complete, accurate and error free SFTs.
Parvesh Khajuria, ITO (I&CI), Jammu made a detailed presentation and apprised about the requirements of third party compliance. He highlighted the importance in the collection of financial intelligence and its role in the nation’s development. He also clarified the doubts raised by the participants.
With respect to SFT filing, Jatin Malhotra, CA, the resource person explained in detail the process of filing SFT-012. He also addressed the practical issues faced by SRO during the filing of SFTs. He stressed on the important role of the reporting entities, especially the SROs, in collecting data of financial transactions.
Registrar Udhampur Dr.G J Singh, proposed a formal vote of thanks and expressed his gratitude to the Directorate of Income Tax (I&CI), Chandigarh for organizing this programme. IGR J&K Bashir Ahmad Bhat, requested to continue this collaboration so as to improve the skill set of the officers.
Jasmeet Singh, Principal Revenue Training Institute, Rajeev Magotra, Additional DC Rajouri and SROs of Jammu province, Staff of IG (Registration), J&K participated in the program.
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