1. You Are At:
  2. Home
  3. Business News
  4. Taxman to issue 7 lakh letters seeking information on high value non-PAN transactions

Taxman to issue 7 lakh letters seeking information on high value non-PAN transactions

New Delhi: Stepping up its effort to curb domestic black money, the Income Tax department has retrieved information on 90 lakh high value non-PAN transactions reported for the period between 2009-10 and 2016-17. The tax

India TV Business Desk [ Updated: July 21, 2016 21:14 IST ]
Taxman to issue 7 lakh letters seeking info on non PAN
Taxman to issue 7 lakh letters seeking info on non PAN transactions

New Delhi: Stepping up its effort to curb domestic black money, the Income Tax department has retrieved information on 90 lakh high value non-PAN transactions reported for the period between 2009-10 and 2016-17. The tax department will soon be issuing letters seeking information regarding the same, an official statement said on Thursday.

“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,” a statement by the Finance ministry said.

“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 added.

Read Also: To check black money flow, Cabinet approves Benami Transactions Bill

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.

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.

(With inputs from IANS)

Write a comment