Mysore/Mysuru, March 24 -- * Rectify errors or pay Rs. 50,000 fine, warns IT Dept.

* It is a regular process to provide 29-point info as per IT Department format, says District Registrar.

The Income Tax (IT) Department has served notice to the Sub-Registrars, in the district, following the lapses noticed in Statement of Financial Transactions (SFT) with relation to high value property transactions.

The IT Department has issued personal notices to the Sub-Registrars, following the lapses found in SFT submitted since financial year 2021-22, with a warning to levy Rs. 50,000 fine amount, on those who fail to honour the notice.

SFT mandatory

It is mandatory to submit the SFT of the parties involved in the registration of properties value...