IT Dept to ssue seven lakh letters seeking high value non PAN transactions
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Income Tax Department will issue seven lakh letters seeking information regarding high value non PAN transactions.
An official release issued today, said various types of high-value transactions were being reported to the Income Tax Department under the Annual Information Returns.
These include reporting of cash deposits of ten lakh rupees or more in a saving bank account, and sale or purchase of immovable property valued over 30 lakh rupees. Many of these transactions do not have PAN linked to it.
The Income Tax department has identified seven lakh high-risk clusters having around 14 lakhnon-PAN transactions. These are being scrutinized closely. The Department will be issuing letters to the parties of these transactions requesting them to provide their PAN number against these transactions. The Department will initiate further necessary action in those cases where no replies are received. #casansaar
An official release issued today, said various types of high-value transactions were being reported to the Income Tax Department under the Annual Information Returns.
These include reporting of cash deposits of ten lakh rupees or more in a saving bank account, and sale or purchase of immovable property valued over 30 lakh rupees. Many of these transactions do not have PAN linked to it.
The Income Tax department has identified seven lakh high-risk clusters having around 14 lakhnon-PAN transactions. These are being scrutinized closely. The Department will be issuing letters to the parties of these transactions requesting them to provide their PAN number against these transactions. The Department will initiate further necessary action in those cases where no replies are received. #casansaar
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