26 July 2016
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 21st
Sub : Income Tax Department to issue 7 lakh letters seeking Information in respect of
High Value Transactions
Under the Annual Information Returns (AIR), various types of high-value transactions
were being reported to the Income Tax Department. These include reporting of cash
deposits of Rs.10,00,000 or more in a saving bank account, sale/purchase of immovable
property valued at Rs. 30,00,000 or more, etc. Many of these transactions do not have
PAN linked to it. The Department has details of about 90 lakh such transactions for the
period 2009-10 to 2016-17. The Income Tax Department has with the help of in-house
computer techniques, grouped such non-PAN transactions and identified 7 lakh high-risk
clusters having around 14 lakh non-PAN transactions which are being scrutinized by the
Income Tax Department closely.
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
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 responses received from such parties online will be examined by the
Department. The Department will initiate further necessary action in those cases where no
replies are received.
The members of public who receive such letters are requested to kindly cooperate in
the matter. They may use the Departmental helpline to ask questions, as far as possible,
instead of making direct contact with any officials of the Income Tax Department. Members
of public are advised not to entertain any claims from unscrupulous elements who may offer
their help in complying with such communication by falsely representing themselves to be
the agents of Income Tax department in the matter.
(Meenakshi J Goswami)
Commissioner of Income Tax
(Media and Technical Policy)Official Spokesperson, CBDT
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