The Income Tax Department is all set to act on certain high-value non-PAN transactions that were reported to it under the annual information returns, an official statement said.
Letters will be issued to the parties of 14 lakh non-PAN transactions — forming part of identified 7 lakh high risk clusters — that are being scrutinised by the department closely, it added.
The statement said the “Department will be issuing letters to the parties of these transactions requesting them to provide their PAN number against these transactions”.
Under the annual information returns, various high-value transactions were being reported to the department, including reporting about cash deposits of Rs10 lakh or more in a savings bank account, sale/purchase of immovable property valued at Rs 30 lakh or or more, etc. Many of these transactions do not have PAN linked to them.
For the convenience of the parties to whom these letters are addressed, a new functionality on the e-filing portal has been developed. It allows them own up transactions and provide structured response electronically.
The parties can log in to their e-filing Web site and by quoting a Unique Transaction Sequence Number provided in the letter sent to them, can link their transaction with their PAN easily.
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 Income Tax Department has details of about 90 lakh such transaction made between 2009-10 and 2016-17.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
