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Time of India
4 days ago
- Sport
- Time of India
Students should aim to become real heroes: KHB chief
Mysuru: Students should not limit their dreams to just seeing film actors and cricket players, or taking photos and selfies with them. They should aim to become real heroes and heroines by succeeding in competitive exams, advised Karnataka Housing Board commissioner KA Dayananda. Speaking at the closing ceremony of an IAS and KAS exam training camp organised in collaboration with Karnataka State Open University at the Cauvery auditorium on Tuesday, he emphasised the importance of dreams and the clarity needed to achieve goals. He advised students to pass competitive exams and strive to quickly overcome challenging situations. He further stated that dreams without continuous hard work are meaningless. "Students should study diligently and avoid procrastination. They should not waste even a minute and should remain engaged in their studies until they achieve their goals," he added. Today's youth are intelligent, but they lack patience and effort. They do not distinguish between good and bad and are unaware of the depth of hunger. This is why they get caught in stampedes like Chinnaswamy while trying to see their film or sports hero. If the youth had an awareness of hunger and literacy, they would grow to become truly famous individuals, he said. KSOU vice-chancellor Sharanappa V Halase, registrar of exams Anand Kumar, and KSOU competitive exam centre coordinator Jainahalli Sathyanarayana Gowda were present.
Time of India
22-05-2025
- Business
- Time of India
Buying or selling property? Sub-registrars in Karnataka to inform income tax department
BENGALURU : To prevent evasion of tax, the stamps and registration department has issued a circular mandating all sub-registrars across the state to collect the specified financial transaction (SSFT) statement from parties involved in property transactions exceeding Rs 30 lakh during document registration. Submitting SSFT to the income tax department is obligatory under section 285BA(1) of the Income Tax Act-1961 . The trigger for the circular, sources say, is that the I-T department had raised concerns about "several" sub-registrars failing to provide these statements. The circular, issued by KA Dayananda , inspector general of registration and commissioner of stamps, stipulates that sub-registrars must gather specific information, including PAN card details and addresses of both buyers and sellers in a designated format. This format includes registration date, transaction value, property specifications, payment method, Aadhaar details, Form 60 receipt, birth date, contact information, and email. Both parties must verify and sign these details. The SSFT form must be scanned alongside other property transaction documents. The circular instructs sub-registrars to withhold registration documents until SSFT details are collected, with accountability measures for any procedural oversights. "We have already been submitting SSFT details to the I-T department regularly, but we've received the circular relating to it now. We will follow the direction," said a senior sub-registrar from Bengaluru. A senior official of the registration and stamps department said sub-registrars are anyway mandated to report transactions of Rs 30 lakh or above. "Due to heavy workloads, sub-registrars sometimes fail to provide these details. Some have faced disciplinary action," the official said. "Now, parties involved in property transactions will not be able to collect registered documents if they fail to provide SSFT." Sub-registrars have requested authorities to incorporate SSFT submission in the Kaveri-2.0 software, where parties upload registration documents. One sub-registrar said that manual SSFT collection increases workload, suggesting that enabling self-declared SSFT uploads through Kaveri-2.0 would streamline the process for both the department and I-T authorities.
Economic Times
22-05-2025
- Business
- Economic Times
Property deals over Rs 30 lakh? Karnataka Sub-registrar to inform income tax department at registration
Property deals over Rs 30 lakh? Synopsis Karnataka's Stamps and Registration Department directs sub-registrars to collect Specified Financial Transaction statements. This applies to property deals exceeding Rs 30 lakh. The Income Tax Department raised concerns about missing statements. Sub-registrars must gather PAN, address, and transaction details. Registration documents will be withheld for non-compliance. Authorities are considering integrating SSFT submission into the Kaveri-2.0 program. The Karnataka Stamps and Registration Department has issued a directive mandating all sub-registrars in the state to collect a Specified Financial Transaction (SSFT) statement from individuals involved in property transactions exceeding Rs 30 lakh during document registration, Times of India (Times of India) reported. ADVERTISEMENT Under Section 285BA(1) of the Income Tax Act, 1961, it is obligatory to submit SSFT details to the Income Tax Department. The trigger for the circular, sources say, is that the I-T department had raised concerns about "several" sub-registrars failing to provide these statements, ToI per ToI, the circular, issued by KA Dayananda, Inspector General of Registration and Commissioner of Stamps, requires sub-registrars to gather specific information, including PAN card details, addresses of both buyers and sellers, registration date, transaction value, property specifications, payment method, Aadhaar details, Form 60 receipt, birth date, contact information, and email. Both parties must verify and sign these details, and the SSFT form must be scanned alongside other property transaction documents. To enforce compliance, sub-registrars have been instructed to withhold registration documents until the SSFT details are collected, ToI said. Accountability measures are in place for any procedural oversights. While sub-registrars have been submitting SSFT details regularly, the circular reinforces the importance of this practice. A senior official told TOI that due to heavy workloads, some sub-registrars have occasionally failed to provide these details, leading to disciplinary action. With the new directive, parties involved in property transactions will not be able to collect registered documents if they fail to provide the SSFT. Sub-registrars have recommended that authorities incorporate SSFT submission into the Kaveri-2.0 program, which allows parties to upload registration paperwork. According to a sub-registrar, manual SSFT collecting increases workload. Enabling self-declared SSFT uploads using Kaveri-2.0 should streamline the procedure for both the department and I-T authorities, ToI reported As per the Income Tax Act, the purchase or sale of any immovable property by an individual must be reported if the transaction value is Rs 10 lakh or more, or if the property is valued at Rs 30 lakh or more by the stamp valuation authority under Section 50C of the Act. The responsibility of reporting such transactions lies with the Inspector-General, Registrar, or Sub-Registrar appointed under the Registration Act, 1908. These designated authorities are required to furnish details of such high-value property transactions to the Income Tax Department to ensure compliance and enhance financial transparency. ADVERTISEMENT Persons required to file statement of financial transaction or reportable accountFollowing persons shall be required to furnish statement of financial transactions or reportable accounts registered or recorded or maintained by them during a financial year to the prescribed authority:(a) an assessee; ADVERTISEMENT (b) the prescribed person in the case of an office of Government;(c) a local authority or other public body or association;(d) the Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908(16 of 1908); ADVERTISEMENT (e) the registering authority empowered to register motor vehicles under Chapter IV of theMotor Vehicles Act, 1988 (59 of 1988);(f) the Post Master General as referred to in clause (j) of section 2 of the Indian Post OfficeAct, 1898 (6 of 1898);(g) the Collector referred to in clause (g) of section 3 of the Right to Fair Compensation and ADVERTISEMENT Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (30 of2013);(h) the recognised stock exchange referred to in clause (f) of section 2 of the SecuritiesContracts (Regulation) Act, 1956 (42 of 1956);(i) an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bankof India Act, 1934 (2 of 1934);(j) a depository referred to in clause (e) of sub-section (1) of section 2 of the DepositoriesAct, 1996 (22 of 1996); or (k) a prescribed reporting financial institutions (l) a person, other than those referred to in clause (a) to (k), as may be prescribed. (Catch all the Personal Finance News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to ET Prime and read the ET ePaper online. NEXT STORY
Time of India
22-05-2025
- Business
- Time of India
Property deals over Rs 30 lakh? Karnataka Sub-registrar to inform income tax department at registration
The Karnataka Stamps and Registration Department has issued a directive mandating all sub-registrars in the state to collect a Specified Financial Transaction (SSFT) statement from individuals involved in property transactions exceeding Rs 30 lakh during document registration, Times of India (Times of India) reported. Under Section 285BA(1) of the Income Tax Act, 1961, it is obligatory to submit SSFT details to the Income Tax Department. The trigger for the circular, sources say, is that the I-T department had raised concerns about "several" sub-registrars failing to provide these statements, ToI said. As per ToI, the circular, issued by KA Dayananda, Inspector General of Registration and Commissioner of Stamps, requires sub-registrars to gather specific information, including PAN card details, addresses of both buyers and sellers, registration date, transaction value, property specifications, payment method, Aadhaar details, Form 60 receipt, birth date, contact information, and email. Both parties must verify and sign these details, and the SSFT form must be scanned alongside other property transaction documents. To enforce compliance, sub-registrars have been instructed to withhold registration documents until the SSFT details are collected, ToI said. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Live Comfortably: 60m2 prefabricated bungalow for the elderly in Ciudad Guayana Pre Fabricated Homes | Search Ads Search Now Undo Accountability measures are in place for any procedural oversights. While sub-registrars have been submitting SSFT details regularly, the circular reinforces the importance of this practice. A senior official told TOI that due to heavy workloads, some sub-registrars have occasionally failed to provide these details, leading to disciplinary action. With the new directive, parties involved in property transactions will not be able to collect registered documents if they fail to provide the SSFT. Sub-registrars have recommended that authorities incorporate SSFT submission into the Kaveri-2.0 program, which allows parties to upload registration paperwork. According to a sub-registrar, manual SSFT collecting increases workload. Enabling self-declared SSFT uploads using Kaveri-2.0 should streamline the procedure for both the department and I-T authorities, ToI reported Live Events As per the Income Tax Act, the purchase or sale of any immovable property by an individual must be reported if the transaction value is Rs 10 lakh or more, or if the property is valued at Rs 30 lakh or more by the stamp valuation authority under Section 50C of the Act. The responsibility of reporting such transactions lies with the Inspector-General, Registrar, or Sub-Registrar appointed under the Registration Act, 1908. These designated authorities are required to furnish details of such high-value property transactions to the Income Tax Department to ensure compliance and enhance financial transparency. Persons required to file statement of financial transaction or reportable account Following persons shall be required to furnish statement of financial transactions or reportable accounts registered or recorded or maintained by them during a financial year to the prescribed authority: (a) an assessee; (b) the prescribed person in the case of an office of Government; (c) a local authority or other public body or association; (d) the Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908 (16 of 1908); (e) the registering authority empowered to register motor vehicles under Chapter IV of the Motor Vehicles Act, 1988 (59 of 1988); (f) the Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898); (g) the Collector referred to in clause (g) of section 3 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (30 of 2013); (h) the recognised stock exchange referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (i) an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934); (j) a depository referred to in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996); or (k) a prescribed reporting financial institutions (l) a person, other than those referred to in clause (a) to (k), as may be prescribed.
Time of India
19-05-2025
- Business
- Time of India
Buying or selling property? Sub-registrars to inform income tax department
Bengaluru: To prevent evasion of tax, the stamps and registration department has issued a circular mandating all sub-registrars across the state to collect the specified financial transaction (SSFT) statement from parties involved in property transactions exceeding Rs 30 lakh during document registration. Submitting SSFT to the income tax department is obligatory under section 285BA(1) of the Income Tax Act-1961. The trigger for the circular, sources say, is that the I-T department had raised concerns about "several" sub-registrars failing to provide these statements. The circular, issued by KA Dayananda, inspector general of registration and commissioner of stamps, stipulates that sub-registrars must gather specific information, including PAN card details and addresses of both buyers and sellers in a designated format. This format includes registration date, transaction value, property specifications, payment method, Aadhaar details, Form 60 receipt, birth date, contact information, and email. Both parties must verify and sign these details. The SSFT form must be scanned alongside other property transaction documents. The circular instructs sub-registrars to withhold registration documents until SSFT details are collected, with accountability measures for any procedural oversights. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 출렁출렁 "똥뱃살,허리살" 녹이는 [이것] 발견.. 먹자마자 콸콸 빠진다 남재현 체지방 다이어트 더 알아보기 Undo "We have already been submitting SSFT details to the I-T department regularly, but we've received the circular relating to it now. We will follow the direction," said a senior sub-registrar from Bengaluru. A senior official of the registration and stamps department said sub-registrars are anyway mandated to report transactions of Rs 30 lakh or above. "Due to heavy workloads, sub-registrars sometimes fail to provide these details. Some have faced disciplinary action," the official said. "Now, parties involved in property transactions will not be able to collect registered documents if they fail to provide SSFT. " Sub-registrars have requested authorities to incorporate SSFT submission in the Kaveri-2.0 software, where parties upload registration documents. One sub-registrar said that manual SSFT collection increases workload, suggesting that enabling self-declared SSFT uploads through Kaveri-2.0 would streamline the process for both the department and I-T authorities.
