The Central Board of Direct Taxes (CBDT) has asked SROs or self-reporting organisations to file details of all high-value transactions that were carried out in 2022-23 by June 30. The SROs include organisations such as banks, post offices, co-operatives, fintechs and mutual fund houses. Any transaction over Rs 50 lakh, share sale and purchase of above Rs 10 lakh and post office deposits and withdrawal of Rs 5 lakh has to be reported.
According to a reports, there are about 6,000 reporting entities that have either not filed the information, provided incomplete details or given it in an incorrect format.
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The tax authority has reportedly asked its field formations to ensure that each reporting entity is compliant. According to a senior official, all the field formations need to ensure that each reporting entity comply with the law and file all the details for FY23 by June 30.
The official acknowledged that there are around 6,000 non-filers or defect-filers, who are required to complete the information.
As per the income tax rules, all reporting authorities are required to file details about high-value transactions through Form 61A, called Statement of Financial Transaction to the director of income tax (intelligence and criminal investigation).
According to the report, some regional banks, post offices and regional registry have sometimes missed filing the details on time.
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