90 lakh transactions on I-T radar

DHNS

New Delhi, 22 Jul 2016: The Income Tax (I-T) Department will issue letters to 7 lakh assesses seeking information on their high-value non-PAN transactions and also to those depositing Rs 10 lakh or more in their savings account.

 

“The department has details of about 90 lakh such transactions for the period 2009-10 to 2016-17, many of these transactions do not have PAN linked to it,” the Ministry of Finance stated on Thursday.

 

It said those involved in sale or purchase of immovable property valued at Rs 30,00,000 or more are also under the scanner.

 

The I-T department has requested individuals/parties concerned to own up their transactions and provide PAN against them. The department warned that action will be taken against those who do not reply to the ministry’s request.

 

“The department will be issuing letters to the parties of these transactions requesting them to provide their PAN against these transactions. For the convenience of the parties to whom these letters are addressed, a new functionality on e-filing portal has been developed wherein they can own up transactions and provide structured response electronically,” the ministry said in a statement.

 

“The parties can log-in to their e-filing website and by quoting a Unique Transaction Sequence Number provided in the letter sent to them, can link their transaction with their PAN easily,” it stated.

 

“They will also be able to give a response to this letter electronically by choosing the option of either owning up the transaction or denying the transaction as their own,” the ministry stated.

 

“The responses received from such parties online will be examined by the department. The department will initiate further action in those cases where no replies are received,” it added. An official said the move will check generation and circulation of black money.