The income tax (I-T) department is reportedly investigating as many as 50-60 reporting entities, including co-operative banks, nidhi companies, foreign exchange dealers, and sub-registrars of immovable properties.It has prepared a list of reporting entities that have not furnished details regarding specified financial transactions (SFT) for the last two financial years for spot and physical verification, according to a report.“These reporting entities did not file SFT reports regarding certain high-value dealings for the reporting period financial years 2021-2022 and 2022-23, and calendar years 2021 and 2022. Also, some of the reportable accounts filed were not accurate,” an unnamed government official told the Tax sleuths are of the view that it is necessary to find whether the reporting entities are ready to give information about the transactions or not to widen the tax base. The I-T will send notices to these entities under Section 133 (6), which deals with obtaining information for the verification of a transaction.SFT is an annual report that certain specified entities such as banks, non-bank lenders and companies issuing dividends, debentures, bonds and shares are required to report to the tax department with details of transactions above a specified value.Also, the tax authorities are preparing a standard operating procedure (SOP) for prescribed financial institutions (custodians and depository) which have to give information about account holders living abroad to the tax authorities there. It will also check defective filing about account holders, the daily quoted two government officials with knowledge of the matter as saying.The deadline for filing the statement of financial transactions for FY23 was May 31, 2023. The loophole in the information has been detected and the list has been prepared accordingly, the report said.A delay in filing SFT can attract a fine of up to Rs 1,000 each day of default. A penalty of Rs 5,000 can be imposed for the non-filing of details or for furnishing incorrect details.