Income Tax -14 Lakh High Value Transactions - Big Brother Watching
DIRECTORATE of Systems, CBDT has processed non-PAN AIR transactions which resulted in identification of around 7 lakh high risk transaction clusters having around 14 lakh non-PAN AIR transactions.
The income Tax Department will be sending letters to those who had high value transactions. The letter would read something like this:
Subject: Request for linking of large value transaction(s)to a valid PAN
The income Tax Department has received information about large value transactions relating to you under the Annual Information Return (AIR) without a valid PAN. The list of such transactions is provided overleaf.
You are requested to submit the online response:
xxxx
Submission of electronic response will be treated as response to this letter. You are not required to visit Income tax office or send any letter or document in response to this letter. In case you make a mistake in submission of response, you may further revise it by login to e-filing portal.
If no response is electronically submitted within 15 days of receipt of this letter, appropriate proceedings under Income Tax Act, 1961 may be initiated.
The details are about sale and purchase of immovable property and cash deposit in bank account.
CBDT F.No.225/193/2016/ITA.II., Dated: July 22, 2016