“Under Annual Information Returns (AIR), various types of high-value transactions were reported to the I-T Department. These include reporting of cash deposits of Rs 10 lakh or more in a savings bank account, sale/purchase of immovable property valued at Rs 30 lakh or more, etc. Many of these do not have PAN linked to it,” the Finance Ministry said in a statement.
“The I-T 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 scrutinised closely.”
According to the statement, the department has details of about 90 lakh such transactions for 2009-10 to 2016-17.
“The department will be issuing letters to the parties of these transactions requesting them to provide their PAN number against these transactions,” the statement said.
For the convenience of the parties to whom these letters are addressed, the statement said 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,” it said.
“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.”
Stating that the responses received from such parties online will be examined by the department, the statement said the department will initiate further necessary action in those cases where no replies are received.
Urging those who receive such letters to kindly cooperate on the matter, the statement asked them to use the departmental helpline to ask questions, as far as possible, instead of making direct contact with any official of the I-T Department.
“Members of the 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 the Income Tax Department.