No PAN in big deals? Taxman is on your trail

No PAN in big deals? Taxman is on your trail

The income tax (I-T) department will issue letters to as many as 7 lakh taxpayers who engaged in high-value transactions without quoting their permanent account numbers (PAN). The finance ministry said on Thursday that the I-T department has identified 90 lakh such non-PAN transactions and would seek details from the assesses.

The high-value transaction trails were detected following the department’s drive to bring to book maximum amount of black money during the one-time compliance window, closing on September 30. The department has details of about 90 lakh such transactions for the period 2009-10 to 2016-17, the ministry added. The department grouped such non-PAN transactions and identified 7 lakh high-risk clusters having around 14 lakh non-PAN transactions and these are being scrutinised by closely.

Under Annual Information Returns, various types of high-value transactions were reported to the I-T Department. These include reporting of cash deposits of Rs 10 lakh or more in a savings bank account, sale/purchase of immovable property valued at Rs 30 lakh or more, etc. Many of these do not have PAN linked to it, the ministry further added.

For the convenience of parties to whom these letters will be addressed, a new functionality on e-filing portal has been developed wherein they can own up transactions and provide structured response electronically. The parties can log in to their efiling website 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. Responses received from such parties online will be examined by the department, the statement said. The department will initiate further necessary action in those cases where no replies are received. Urging those who receive such letters to kindly cooperate, the ministry asked them to use the departmental helpline to ask questions, as far as possible, instead of making direct contact with any official of the department.

“Members of the public are advised not to entertain any claims from unscrupulous elements who may offer their help in complying with such communication by falsely representing themselves to be the agents of the income tax department,” the statement said.

Source by businesstoday.in…

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