I-T department lens on 50-60 reporting entities for non-compliance

SOP for reporting on overseas account holders in the works

As many as 50-60 reporting entities (REs), mainly co-operative banks, nidhi companies, forex dealers, and sub-registrars dealing in immovable properties have come under the income-tax (I-T) department’s scanner.

The tax department has prepared a list of reporting entities that have failed to file specified financial transaction (SFT) reports in the past two financial years for spot and physical verification.
 

“These reporting entities did not file SFT reports regarding certain high-value dealings for the reporting period financial years 2021-2022 and 2022-23, and calendar years 2021 and 2022. Also, some of the reportable accounts filed were not accurate,” a government official said.
 

Scrutiny