The Income Tax Department (ITD) organised an awareness programme on Statements of Financial Transactions (SFT) under the supervision and guidance of the directors of its Investigation and Central Information Wing, at Krishna District Cooperative Central Bank (KDCCB) branch here on Tuesday. 

Addressing the seminar, Assistant Director of Income Tax, Krishnagiri Deshpal Singh, emphasised that SFT must be filed accurately and without errors and underlined the crucial role played by Cooperative Central Banks in providing financial services to rural borrowers, small traders, and rural entrepreneurs. He stated that SFT helps in identifying high-value cash transactions and contribute to transparent tax administration.

Mr. Singh advised the officials to avoid common mistakes in filing Form 61A, such as errors in account aggregation, incorrect date formats, and failure to furnish Form-60 details. He further instructed that the reports should be filed on or before May 31, 2026, and warned that delays might attract a penalty of ₹500 per day under Section 271FA of the Income Tax Act.

KDCCB branch managers from NTR and Krishna districts, District Registrar Kiran Kumar and ITD Vijayawada officials N. Madhusudhana Rao and B. Sam Sundar and others were present.