I&CI Chennai Hosts Outreach Program for Co-operative Banks

Business MInutes

An outreach programme was organized by the Directorate of Intelligence and Criminal Investigation (I&CI), Income-tax Department, Chennai for the District Central Co-operative Banks and Urban Co-operative Banks on Thursday, 02-05-2024 at Aayakar Bhavan, Vaigai Nungambakkam, Chennai.   

The programme was designed with the objective of the Director of Income-tax, Intelligence and Criminal Investigation, Tamilnadu & Puducherry’s team interacting with the Reporting Entities with regard to filing of Form 61A and 61B; e-Verification Scheme, 2021 and the Compliance Management. 

The programme was presided by Shri. Nathala Ravi Babu, Director of Income-tax (I&CI) Chennai and attended by officers of the Directorate. Smt. Pavuna Sundari. E, Addl. DIT (I&CI) discussed the e-Verification Scheme 2021. Smt. Dharani Kalavagunta, ADIT (I&CI), Chennai enlightened about filing of Statement of Reportable Account in Form 61B and Shri. S. Subramanian, ITO (I&CI), Trichy discussed about filing Form 61/61A for the targeted Reporting Entities. There was an overwhelming response to the event from the representatives of the Co-operative Banks.

Organizing outreach programs and educating the Reporting Entities is a critical compliance management function of the Directorate of Intelligence and Criminal Investigation. The Directorate plays a pivotal role in promotion of voluntary compliance through non-intrusive tax administration and strengthening the mechanism for tax deterrence. The emphasis is on data analytics-based tax law enforcement. The Directorate of Intelligence and Criminal Investigation is entrusted with the responsibility of ensuring timely, complete and accurate filing of Statement of Financial Transaction (SFT)/ Statement of Reportable Accounts (SRA) by the Reporting Entities.

Under the e-Verification Scheme, 2021 notified on 13.12.2021, the Directorate has been assigned the responsibility to conduct e-verification of information gathered from the Reporting Entities. The verification activity will be conducted electronically to the extent technologically feasible with rare instances of cases with no digital footprint.


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