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Non-PAN Transactions: Tax Department To Issue Letters To Taxapyers

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Income tax department said that there are various types of high-value transactions being reported under the Annual Information Returns (AIR).

 

These transactions 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.

 
Non-PAN Transactions: Tax Department To Issue Letters To Taxapyers

Many of these transactions do not have PAN linked to it. The Department has details of about 90 lakh such transactions for the period 2009-10 to 2016-17.

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.

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

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.

The parties can log-in to 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.
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 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.

The tax department has requested to members of public who receive such letters should kindly cooperate in the matter.

Goodreturns.in

Read more about: income tax pan card
Story first published: Thursday, July 21, 2016, 17:04 [IST]
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