Income Tax department lens on 50-60 reporting entities for non-compliance | TAX News 2023

https://www.business-standard.com/companies/news/50-60-reporting-entities-faces-i-t-scrutiny-over-non-compliance-123070400844_1.html

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SOP for reporting on account holders in foreign jurisdictions in the works

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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 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.

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