In the process of tracking the high-value deals which involve the usage of Black Money, the Income Tax Department has to scrutinize various deals. Also, they have to crack down the deals which aim at concealing income. In such a bid, the IT department has tracked 90 lakh high-value transactions, where the ‘Permanent Account Number’ was not specified.
The further process would be the demand of their PAN and details on the initial stage by sending them 7 lakh letters to those who are involved in such high-value transactions. The Tax Department has not decided the after course of the action, but these transactions are then expected to be mapped according to the returns filed by the entities and in case any gaps are spotted, then notices demanding payment could also be issued in future.
For the convenience of the people, the Department has also developed a new functionality on an e-filing portal, where the parties can take the responsibility of the transaction and specify its detailed response electronically.
As per the action plan for the current financial year, the Government had emphasized that it wanted to complete the whole verification process and match PAN by the end of July. Rest of the processing and verification cases are to be finished by the end of December with the Central Board of Direct Taxes (CBDT) and then monitoring the cases on a monthly basis.
