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After uncovering large-scale under-reporting of high-value property transactions and cooperative bank deposits, the Income Tax Department has given affected taxpayers time until December 31 to file corrected or updated income tax returns, sources said. The action follows a series of checks conducted by the department's Intelligence and Criminal Investigation (IC) Wing on data received from sub-registrar offices (SROs) and cooperative banks, which revealed significant gaps in reporting under the
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FAQ :
Taxpayers have until December 31 to file corrected or updated income tax returns.
The Income Tax Department has uncovered large-scale under-reporting of high-value property transactions and cooperative bank deposits in their financial transactions statements (SFT).
The focus is on high-value property transactions and deposits in cooperative banks that were either not reported or under-reported in the Statement of Financial Transactions (SFT).
The NUDGE campaign, launched by the CBDT, aims to encourage voluntary compliance by prompting taxpayers to correct errors in their filings without initiating coercive proceedings.
Property transactions of Rs 30 lakh or more and bank deposits ranging from Rs 10 lakh to Rs 50 lakh (depending on the account type) must be reported under SFT.
Where discrepancies are found between reported transactions and income tax returns, taxpayers are required to update their returns and pay any differential tax owed.
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