7 Lakh Letters To Be Issued By Tax Department On Transactions

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Those who have had high value transactions, may get a letter from the Income Tax Department. Most of these 7 lakh letters involve, no PAN Card reported for the transactions. Read on the transactions and the other details in the slide:

Lots of transactions identified

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 scrutinized by the Income Tax Department closely.

High value cash deposits

These include reporting of cash deposits of Rs.10,00,000 or more in a saving bank account, sale/purchase of immovable property valued at Rs. 30,00,000 or more etc.

Letters to be issued

The Department will be issuing letters to the parties of these transactions requesting them to provide their PAN number against these transactions.

E filing portal developed

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.

Quote unique transaction sequence number

The parties can log into 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.

 

 

Action against no replies

The responses received from such parties online will be examined by the Department. The Department will initiate further necessary action in those cases where no replies are received.

Use helpline

Members who receive 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.

Read more about: income tax
Story first published: Thursday, September 1, 2016, 4:42 [IST]
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