The Government of India’s Directorate of Income Tax (Intelligence & Criminal Investigation), Chandigarh in collaboration with the Jammu and Kashmir branch of ICAI, organized an outreach program on Third-Party Compliance Management and the E-Verification Scheme 2021 at Srinagar. Smt. Sunita Bainsla, IRS, Principal Director General of Income Tax, (Intelligence & Criminal Investigation), New Delhi, graced the event as the keynote speaker. This is part of the Departments efforts in reaching out to taxpayers at their doorstep and improve voluntary tax compliance. Over 100 stakeholders consisting of bankers, Chartered Accountants, Sub-Registrar of Properties from across the valley participated in the event.
CA Khateeb Yousuf, Convenor, Kashmir chapter of ICAI, Srinagar conducted the proceedings. Sh. Vikram Sahay, Principal Commissioner of Income Tax, Srinagar delivered the welcome address, emphasizing the significance of the E-Verification scheme and compliance by reporting entities. He mentioned that we all the participants are important part of the process of nation building and filing of correct financial information with the Department is critical.
Smt. Sunita Bainsla, IRS, addressed the audience on third-party compliance management and the e-Verification scheme. She explained the nuances of SFT filing, its impact and potential benefits that are accruing both to the department and the taxpayer. She emphasized that new approach of the department of transparency and non adversarial is the new normal and will be fine tuned further going forward and invited the suggestions from the participants. She also mentioned that the use of AI has transformed the way data is collected and analyzed and emphasized the importance of professionals in bridging the gap between Income Tax department and taxpayers. She also highlighted the crucial role of reporting entities in data collection.
Dr Anmol Deep Singh, Dy. Director of Income Tax made a brief presentation on the topic. Sh. Fayaz Gani, CFO, J&K Bank, Sh. Peer Masood Chesti, Chief Compliance Officer, J&K Bank, Sh. Bashir Bhat, I.R.S, IG Registrations, J & K, Sh. Shakeel Masood, Add. Comm. (State Taxes), Kashmir, Sh. Anshuman Sharma, IRS, Director of Income Tax, I&CI, Chandigarh, Sh. Shakil Ahmed Ganie, IRS, Sh. Mueed Latif, Officer In-charge, ICAI, Srinagar and other officials from J&K Bank, SROs, Chartered Accountants graced the occasion.
