Seven lakh high-value transactions under tax dept's scanner
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7 lakh high-value transactions under tax dept's scanner

In an effort to tighten the noose around tax evaders and widen the tax nets, the income tax department has tracked seven lakh high-value non-PAN transactions and will soon issue notices to people involved in these transactions.

  • July 21, 2016  
  • |  
  • UPDATED   20:06 IST
Seven lakh high-value transactions under tax dept's scanner

In an effort to tighten the noose around tax evaders and widen the tax nets, the income tax department has tracked seven lakh high-value non-PAN transactions and will soon issue notices to people involved in these transactions.

Those who are being sent notices can own up transactions and provide structured response electronically through the e-filing portal.

Under the Annual Information Returns, different high-value transactions are reported to the Income Tax Department.  These transactions include 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 or mutual fund investment of Rs 2 lakh or more in a year.

According to a press statement issued by the finance ministry, the tax department has details of about 90 lakh such transactions from 2009-10 to 2016-17.  The department data analysis tools had grouped such non-PAN transactions and identified these seven lakh non-PAN transactions.