The Central Board of Direct Taxes (CBDT) has instructed various organizations, including banks, post offices, cooperatives, fintech firms, and mutual fund houses, to submit details of all high-value transactions conducted in 2022-23 by June 30. Approximately 6,000 reporting entities have not yet filed the information, incompletely provided it, or submitted it in an incorrect format.
The CBDT has urged its field formations to ensure compliance from all reporting entities. It has been noted that some regional banks, post offices, and regional registry offices are not consistently submitting on time, which is a valuable source of information for the department’s investigation wing.
The reported high-value transactions include any transaction exceeding ₹50 lakh, share purchase and sale exceeding ₹10 lakh, and post office deposits and withdrawals of ₹5 lakh and above. Compliance with these reporting requirements is essential under the income tax rules.