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Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Non PAN Transactions

News and Press Release - Dated:- 21-7-2016 - Under the Annual Information Returns (AIR), various types of high-value transactions were being reported to the Income Tax Department. These include reporting of cash deposits of ₹ 10,00,000 or more in a saving bank account, sale/purchase of immovable property valued at ₹ 30,00,000 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 2 .....

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ionality 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 resp .....

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