In its attempt to uncover black money and tax defaulters, the government is sending out 7 lakh notices on big transactions which appear dodgy because PAN numbers were not disclosed. A 10-digit unique PAN number assigned to individuals helps income tax officials track their financial transactions.
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.
The deals under scrutiny have been culled from 2009 to this year. Those who're being asked to furnish more information are people who deposited Rs 10 lakh or more in cash in savings accounts; those who bought or sold property worth Rs 30 lakh or more.
For those who receive the demand for an explanation, a government statement elaborated, "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 government is separately considering whether to ban any cash transaction above Rs 3 lakh, as recommended recently by an expert committee appointed by the Supreme Court.
The decision to issue tax notices was announced a day after the Cabinet cleared the Benami Transactions Bill, which provides for confiscation of assets held in the name of another person or under a fictitious name to avoid taxation
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.
The deals under scrutiny have been culled from 2009 to this year. Those who're being asked to furnish more information are people who deposited Rs 10 lakh or more in cash in savings accounts; those who bought or sold property worth Rs 30 lakh or more.
For those who receive the demand for an explanation, a government statement elaborated, "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 government is separately considering whether to ban any cash transaction above Rs 3 lakh, as recommended recently by an expert committee appointed by the Supreme Court.
The decision to issue tax notices was announced a day after the Cabinet cleared the Benami Transactions Bill, which provides for confiscation of assets held in the name of another person or under a fictitious name to avoid taxation
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