A special workshop on financial reporting, e-Verification, and the significance of ITR(U) filing was conducted by the Income Tax Department in Haldwani. The session, held at the Uttarakhand Forest Training Academy auditorium, aimed to provide taxpayers and reporting institutions with detailed information about financial transactions (SFT 1 to 18), e-Verification schemes, and the new ITR(U) return filing system. The event was presided over by Income Tax Director (Investigation & Criminal Investigation), Kanpur, Rakesh Kumar Gupta.
During the session, officials emphasized the role of financial transaction reports (SFT) in preventing tax evasion. They explained how details submitted by various service providers help track undisclosed income. The importance of Section 285BA of the Income Tax Act in monitoring high-value transactions was also highlighted. Income Tax Director Rakesh Kumar Gupta explained that ITR(U) allows taxpayers to rectify omissions in their returns by filing an updated return within the prescribed period. The initiative aims to improve tax compliance and revenue collection. Officials also discussed the future vision of India’s tax system, including the government’s goal of expanding the tax base to 2047 million taxpayers by 2047.
The workshop saw participation from over 250 representatives from financial and business institutions, including SIIDCUL, banking associations, jewelry associations, hotel associations, and ICAI members. Notable attendees included Arun Aggarwal (Chairman, Haldwani Gold Traders Association), Navin Chandra Verma (President, State Industrial & Trade Federation, Uttarakhand), Rohit Tolia (Chairman, CA Association, Kumaon), Krishan Satyabali (President, SIIDCUL Entrepreneur Welfare Society), Akash Bansal (President, Gadarpur-Kumaon Industrial Association), Sanjay Pandey (President, Tax Bar, Haldwani), along with representatives from banking institutions, tax consultants, and chartered accountants. The session concluded with a vote of thanks by Income Tax Officer Varun Goyal, acknowledging the participation of industry leaders and financial institutions.
