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Income Tax Department finds 7 lakh high value non-PAN deals

The government on Thursday said it had identified seven lakh high-value non-PAN transactions under the Annual Information Returns (AIR) and would issue letters to the parties seeking information.

Income Tax Department finds 7 lakh high value non-PAN deals
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New Delhi

The Income Tax Department (ITD) has with the help of in-house computer techniques, grouped such non-PAN transactions and identified seven lakh high-risk clusters having around 14 lakh non-PAN transactions which are being scrutinized by the department closely, the Finance Ministry said in a statement. 

A letter will be issued 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, it added. 

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 cash deposits of Rs 10 lakh or more were reported in savings bank accounts, sale and purchase of immovable property have been valued at Rs 30 lakh or more. 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,” it added.

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