HYD: The Income Tax Department’s initiative ‘Prarambh’ was taken forward by the officials of Intelligence and Criminal Investigation Unit of Directorate of Income Tax in Hyderabad, through an awareness program organized by the Institute of Chartered Accountants of India, Hyderabad branch in association with the Income Tax Department to mark the introduction of the Income Tax Act, 2025.
Shri L. Vijaya Bhaskara Reddy, Director of Income-tax (I&CI), Hyderabad and Shri P. Sankar Pandi, Additional Director of Income-tax (I&CI) stressed upon the importance of accurate reporting of SFT’s by reporting entities and the impact of tax compliance on taxpayers. They also stated that if reporting entities furnish error free data, it will facilitate the income-tax department, taxpayers and the reporting entities and will reduce the need for intrusive measures.
A chartered accountant has to familiarize himself with the changes made in reporting under Prarambh initiative. Changes have to be made in software, transaction modules and validation rules of a chartered accountant to comply with the changes in reporting made under Prarambh initiative. Reporting has been changed to eliminate fields which were not required to be filled. Reporting thresholds have been increased. Simplified forms have been introduced and attempts have been made to remove ambiguities which were required to be interpreted while reporting.
The various features of new reporting requirements were explained through a presentation explaining the new limits, PAN requirements, reporting of all non-PAN transactions, forms to be reported by banks, companies, hotels/convention centers etc.