IT NOTICES

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 21st

July, 2016.

Press Release

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