The findings emerged from a nationwide verification drive launched earlier this 12 months following Supreme Courtroom instructions issued in April. Through the train, tax officers found quite a few circumstances the place complete property transactions have been performed in money — a transparent violation of earnings tax rules.
In keeping with officers, discrepancies in information reporting by sub-registrars in each Bihar and Uttar Pradesh prompted the division to take up the problem with senior state authorities. The I-T Division has urged the respective governments to instruct registration workplaces to share transaction information and guarantee full adherence to reporting norms. Letters have been despatched to the states' registration directorates inside weeks of the Supreme Courtroom order.
Subsequent scrutiny of information for the previous three monetary years revealed in depth misreporting. Spot verifications carried out in districts resembling Kishanganj, Sitamarhi, Araria, and Madhubani in Bihar recognized 250–300 situations the place particulars of money funds above ₹2 lakh weren't shared with tax authorities.
Along with non-reporting of high-value money transactions, officers mentioned a number of property offers exceeding ₹30 lakh — which have to be mandatorily reported beneath the legislation — have been additionally lacking from official information. In a single Bihar sub-registrar workplace alone, a minimum of 600 property transactions price over ₹250 crore went unreported over a three-year interval. In a number of such circumstances, Everlasting Account Quantity (PAN) particulars of patrons and sellers have been additionally not captured.
Whereas the extent of non-compliance seems to be larger in Bihar, officers famous related lapses in Uttar Pradesh districts resembling Maharajganj and Pilibhit. Though the variety of violations there was decrease, spot checks nonetheless discovered a big variety of faulty entries and situations of money transactions above ₹2 lakh.The I-T Division has lately intensified efforts to curb unaccounted money flows in property transactions — a sector lengthy considered as a significant supply of black cash. The present train, officers mentioned, is a part of a broader marketing campaign to gather transaction information nationwide and penalize these flouting disclosure norms.(With ToI inputs)
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