The Central Board of Direct Taxes (CBDT) has asked self-reporting organizations (SROs) such as banks, post offices, cooperatives, fintech firms, and mutual fund houses to provide information about big transactions made in the fiscal year 2022-23.
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Central Board of Direct Taxes asked SRO to follow by June 30
Under income tax rules, it is necessary to provide details of high-value transactions to the reporting authorities. To submit this information to the Director of Income Tax they have to use Form 61A, known as Statement of Financial Transactions. They need to do this by June 30. These transactions include any over Rs 50 lakh, share deals above Rs 10 lakh, and post office transactions of Rs 5 lakh or more.
Around 6,000 reporting entities haven’t given the info, provided incomplete details, or submitted it in the wrong way. The tax authorities have said to their officers that everyone should follow the rules and regulations. A senior official said all teams must ensure that every entity follows the law and gives all the details for the 2022-23 fiscal year by June 30.
The official admitted that there are about 6,000 non-compliant or defectively-compliant entities that need to fix the info. As per the tax rules, all reporting groups have to share details about big transactions using Form 61A, known as the Statement of Financial Transaction, with the director of income tax.
