Income Tax Department Holds Outreach Program on Financial Transaction Reporting

Dehradun, January 24, 2025 – The Income Tax Department conducted a special outreach program on Friday, focusing on the mandatory reporting of financial transactions under Statement of Financial Transactions (SFT-13). The program, chaired by Rakesh Kumar Gupta, Director of Income Tax (Intelligence and Criminal Investigation), Kanpur, was held at the Income Tax Office in Dehradun. The event was organized for hospitals, nursing homes, and IVF centers across Uttarakhand to educate them on their responsibilities under Section 285BA of the Income Tax Act. Piyush Kothari, Additional Director of Income Tax, welcomed the participants.

Mr. Gupta highlighted that all hospitals must report financial transactions exceeding ₹2 lakh to ensure compliance and reduce tax evasion. “The SFT-13 reporting is crucial for fostering financial transparency and strengthening the tax collection process,” he said.

The Director of the Intelligence Directorate, New Delhi, elaborated on the importance of such initiatives in preventing tax fraud. He emphasized that the data collected through these filings contributes significantly to identifying irregularities and improving governance. Income Tax Officer Vipin Bhatt provided a detailed presentation on the registration process for SFT-13 filings. A live demonstration addressed common challenges faced by participants, offering practical solutions to ensure seamless compliance.

Over 50 hospitals, nursing homes, and IVF centers from Uttarakhand participated in the program, both online and offline. The initiative aims to foster better collaboration between the healthcare sector and the Income Tax Department while promoting transparency in financial dealings.

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