The chase against black money will be getting a big push as the government is tracking high value transactions that has not quoted PAN. As part of this effort, the Income Tax Department has decided to send tax notices to reported non-PAN transactions that have high values.
The move comes amidst the muted response to the tax departments’ mega effort to track black money- the domestic black money disclosure scheme.
According to the IT sources, tax notices will be issued to parties of nearly 7 lakh non -PAN transactions. The tax department officials revealed that they have got the information about such transactions from other sources. There are 7 lakh identified clusters of such transactions and they will be asked submit PAN against the said value.
As per the current norms, individuals and entities have to quote their PAN while high value transactions including cash transfer, real estate deal and gold. The present move is to track cash deposits above Rs 10 lakh, sale/purchase of immovable property valued at Rs 30 lakh or more etc.
An e-filing portal has been developed to collect replies to the letters to be send by the parties. Administrative burden can be lightened with e -filing of the responses according to the Tax Department. According to the Department, details about 90 lakh high value transactions were collected during the last seven years.
