Guwahati, April 27: The director of income tax, Vikram Sahay, today said all big businesses, including companies, shall have to report details of persons who have made cash payments of more than Rs 2 lakh during the 2016-17 fiscal against the purchase of any goods or services, to the department.

Addressing a workshop organised by the directorate of income tax (intelligence and criminal investigation), northeastern region, here this evening, Sahay said these details will have to be submitted in a "statement of financial transactions (SFT)", which has to be filed by May 31.

At the workshop, Sahay gave a presentation on the procedure of filing the SFT and its significance to widen and deepen the tax base. He said there were over 32,000 audited cases, in which these statements will have to be filed. This applies if the companies have received cash payment exceeding Rs 2 lakh from any person against sale of a good or service during the fiscal.

"Around 30 foreign exchange dealers have to furnish the SFT for persons who have made payments exceeding Rs 10 lakh for purchase of foreign currency," he said.

The IT director said the department had information about all persons in the region who had made huge cash deposits in their bank accounts during the fiscal. "The income tax department will link such accounts with persons furnishing cash deposits of more than Rs 2 lakh," he said.

Around 125 people, including chartered accountants, income tax practitioners, jewellers, foreign exchange dealers and traders and their representatives participated in the workshop.