The Income Tax Department has launched a campaign to detect and address irregularities in the reporting of high-value financial transactions in the north-west region. Surveys and spot verifications revealed over 2.5 lakh property transactions worth ₹3.12 lakh crore that were either not reported or reported with wrong PAN details.
The transactions were significant in Gurugram, Chandigarh, Faridabad, Sonepat, Karnal, and other districts. The IT department has detected that SROs didn't report at all or provided wrong PAN details for a large number of property transactions above ₹30 lakh in value.
The IT department has imposed fines on several officers in SROs and more action may follow if they don't follow the rules. The campaign is a significant step towards ensuring proper tax compliance and tracking high-value transactions.
