Income Tax Dept issues 7 lakh letters for large non-PAN transactions
The reported transactions include cash deposits of Rs 10 lakh or more deposited in a savings bank account or sale/purchase of immovable property valued at Rs 30 lakh or more, etc.
The Income Tax (IT) Department has issued 7 lakh letters to high-risk clusters or parties for having 14 lakh non-PAN transactions. The Ministry of Finance said that the letters have requested the people or parties of these transactions to provide their PAN number against it.
It reported transactions include cash deposits of Rs 10 lakh or more deposited in a savings bank account or sale/purchase of immovable property valued at Rs 30 lakh or more, etc. According to the IT department norms it is necessary to link the transactions with the PAN card.
“Under the Annual Information Returns (AIR), various types of high-value transactions were being reported to the IT Department. The department has details of about 90 lakh such transactions for the period 2009-10 to 2016-17,” the Ministry added.
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, said the Ministry.
The parties can also 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, it said.
Those who have received such letters are advised by the Ministry to use the helpline for questions and avoid any direct contact with IT department officials.