50-60 units doing financial transactions on the income tax department’s radar

The Income Tax Department (IT) is currently investigating 50 to 60 reporting units, including co-operative banks, nidhi companies, foreign exchange dealers, and sub-registrars of immovable properties. These entities have been identified as having failed to provide information on financial transactions (SFT) during the last two financial years. The department has prepared a list of these entities and will conduct on-site or physical verifications.
According to an official, these reporting units have not provided information about significant financial deals made during the financial years 2021-22 and 2022-23, as well as 2021 and 2022. Although some information has been provided, it has been deemed inaccurate and insufficient. The reporting entities are currently under scrutiny because certain transactions, such as cash deposits and credit card purchases made in the past 2-3 years, have not been reported.
The tax department is preparing to issue notices to these entities in order to address these discrepancies and ensure that all necessary information is provided. It is important that these entities comply with their reporting obligations in a timely and accurate manner, as failure to do so can result in serious consequences.
The investigation highlights the importance of proper reporting and transparency in financial transactions. The tax department plays a crucial role in ensuring that reporting entities comply with their obligations, and it is important that appropriate action is taken to address any discrepancies or non-compliance.

Updated: July 9, 2023 — 9:13 pm
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