Speed Post News Network
New Delhi: Under the Annual Information Returns (AIR), various types of high-value transactions were being reported to the Income Tax Department. They include reporting of cash deposits of Rs 10 lakh or more in a saving bank account, sale/purchase of immovable property valued at Rs 30 lakh or more, etc. 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, said Union Finance ministry sources. 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.
Greetings! I know this is somewhat off topic but I was wondering if you knew where I could find a captcha plugin for my comment form?
I’m using the same blog platform as yours and I’m having
difficulty finding one? Thanks a lot!