Income tax stresses SFTs at Krishna District Cooperative Central Bank
Business
The Income Tax Department just held a session at Krishna District Cooperative Central Bank to highlight why filing Statements of Financial Transactions (SFT) matters.
Assistant Director Krishnagiri Deshpal Singh explained that tracking big cash moves helps keep things transparent and fair in the tax system.
SFTs due May 31 2026
Singh gave a shoutout to cooperative banks for supporting rural borrowers and small businesses, but reminded everyone to double-check their Form 61A filings: mistakes like wrong dates or missing Form 60 details can cause trouble.
He also made it clear: SFT reports are due by May 31, 2026, and late submissions could mean a penalty of ₹500 per day under the Income Tax Act.