'Submit cash payment details by May 31'
Source: The Sangai Express
Imphal, May 27 2017:
The Income Tax Department has notified all the big business of North East region including companies to provide details of those who have made cash payment of more than Rs 2 lakh during the financial year 2016-2017 against purchase of any goods and services.
The report will have been done in a Statement of Financial Transaction (SFT) which has to be filed by May 31, 2017 .
Registrars/Sub-Registrars are also be file SFT for transaction related to sale or purchase of immovable properties valued at Rs 300 lakh and above by the same dateline.
The Directorate of Income Tax (Intelligence and Criminal Investigation), NER conducted a workshop at Hotel Grande on May 26 wherein Upendro Nahakpam, Income Tax Officer, Unit-I, Guwahati gave a detailed presentation on the procedute of filinf SFT.
Altaf Hussain, Deputy Director, Income Tac (I&CI), Guwahati informed that the Department already has information of all persons in North East region who have made huge cash deposits in their bank accounts during the financial year 2016-17 .
The Income Tax Department would link such accounts with persons furnishing SFT regarding cash deposits of more than 2 lakh, he added.