Tax Department to Issue Letters to 7 Lakh Assesees Seeking PAN Details
The income tax department cracks down on non-PAN linked, high value transactions.
In a warning to tax evaders to own up high value transactions, the income tax department will issue seven lakh letters to obtain permanent account numbers of high value, non-PAN linked transactions, a press release from the finance ministry said.
These transactions identified by the IT department also include cash deposits of more than Rs 10 lakh in a savings account, and buying or selling of immovable property valued at Rs 30 lakh or more.
The tax department has details of about 90 lakh such transactions from 2009-10 to 2016-17, the release said.
The income tax department has, with the help of in-house computer techniques, grouped such non-PAN transactions and identified 7 lakh high-risk clusters having around 14 lakh non-PAN transactions which are being scrutinised by the Income Tax Department closely.Finance Ministry Press Release
Those who have received a letter from the tax watchdog can own up transactions, and respond electronically through a new functionality on e-filing portal which has been developed. These parties can log in to the website and link their PAN with the transaction, or can deny the transaction.
The department will initiate necessary action if no replies are received, the release said.