The city’s medical sector is under scrutiny after the Income Tax Department signalled strict action against 149 hospitals for failing to submit their Statement of Financial Transactions (SFT). The move comes amid concerns over non-reporting of high-value payments, with heavy penalties now likely for non-compliance.
Under Income Tax rules, any single transaction exceeding ₹2 lakh for sale of services or goods must be reported to the government as part of annual financial disclosures. In a bid to curb tax evasion and track large cash dealings, the department had issued notices to 150 hospitals in Nagpur seeking details of their yearly financial transactions.
However, officials said the response has been dismal. Of the 150 hospitals served notices, only one institution has submitted the required details so far. The remaining 149 hospitals have allegedly failed to respond within the stipulated deadline.
As per provisions, failure to furnish SFT by May 31 attracts a penalty of ₹500 per day. Continued non-compliance beyond a specified period can increase the fine to ₹1,000 per day until submission.
Sources indicate that hospitals, IVF centres, luxury hotels and high-end commercial establishments often witness substantial cash transactions. The department is now keeping a close watch on such “high-value” dealings. Officials maintain that hospitals failing to comply will be liable to pay penalties as per law, signalling a tougher enforcement stance in the city.
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