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MC
21st July 2016
The
Income Tax Department is closely scrutinising 14 lakh high value non-PAN
transactions reported for the period 2009-10 to 2016-17 and will be soon
issuing letters seeking information regarding the same, an official statement
said on Thursday. The Total Investment &
Insurance Solutions
"The Income Tax Department has details
of about 90 lakh transactions for the period 2009-10 to 2016-17. These include
reporting of cash deposits of Rs 10,00,000 or more in a saving bank account,
sale and purchase of immovable property valued at Rs 30,00,000 or more, etc.
Many of these transactions do not have PAN linked to it,” said a finance
ministry statement.
"The department has grouped such non-PAN
transactions and identified 7 lakh high-risk clusters having around 14 lakh
non-PAN transactions which are being scrutinised closely. The Income Tax
Department will be issuing letters to the parties of these transactions
requesting them to provide their PAN number against these transactions,” the
statement said.
A new
functionality on e-filing portal has been developed wherein people who receive
these letters can own up transactions and provide a structured response
electronically. People can log-in to their e-filing website and by quoting a
unique transaction sequence number from the letter sent to them, can link their
transaction with their PAN easily. The
Total Investment & Insurance Solutions
Responses to these letters can be given
electronically by choosing the option of either owning up the transaction or
denying the transaction as their own.
“The responses received from such parties
online will be examined by the Income Tax Department. The department will
initiate further necessary action in those cases where no replies are
received,” it said.
"The members who receive such letters
may use the departmental helpline to ask questions, as far as possible, instead
of making direct contact with any officials of the income tax department,"
it added.The Total Investment & Insurance
Solutions
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