I-T department holds outreach programme on financial transaction reporting

The programme was organised by the Directorate of Income Tax (Intelligence & Criminal Investigation), Mumbai

Mumbai: More than 200 officers from Sub-Registrar Offices across Mumbai and its suburban districts attended a ‘Mega Outreach’ programme organised by the Income Tax Department on Sunday to improve the accuracy of financial transaction reporting. The programme, held in collaboration with the state Stamp Duty and Registration Department at an auditorium in Bandra (East), focused on PAN reporting, transaction and stamp values and correcting errors in financial transaction data under the new Income-tax Act, 2025.

I-T department holds outreach programme on financial transaction reporting

The programme was organised by the Directorate of Income Tax (Intelligence & Criminal Investigation), Mumbai.

Addressing the officers, Dr Santosh C Mankoskar, director of Income Tax (Intelligence & Criminal Investigation), Mumbai, said tax administration was becoming increasingly technology-enabled and dependent on reliable information to identify risks and improve compliance.

Mankoskar said the Registration Department, too, had moved beyond its traditional focus on collecting stamp duty and registering documents, with digitalisation and data-driven governance becoming increasingly important.

“The department’s role, therefore, extends beyond registration and collection of stamp duty to being an important source and custodian of reliable economic information,” he said.

Mankoskar said accurate Statement of Financial Transaction (SFT) information could help the tax department improve risk analysis, widen the tax base and encourage voluntary compliance.

Form 165 is the statement format used for reporting specified financial transactions under Section 508(1) of the Income-tax Act.

The session concluded with an interactive discussion, with officers raising queries on reporting requirements. Officials emphasised closer coordination between the Income Tax and Registration departments to ensure that financial transaction information is accurate, complete and submitted on time.