The Hindu : Tamil Nadu / Chennai News : High value transactions come under scanner

Online edition of India's National Newspaper
Wednesday, Jul 12, 2006

Tamil Nadu

Tamil Nadu - Chennai

High value transactions come under scanner

Special Correspondent

"File Income Tax returns by July 31" The department is puzzled that of the 35,000 persons filing their returns, only 6,500 have quoted their PAN

CHENNAI: The Income Tax Department has garnered lot of information about high value transactions in Tamil Nadu. It is puzzled to find that of the 35,000 persons filing their returns, only 6,500 have quoted their Permanent Account Number (PAN). It has also noticed high value transactions in banks in Tamil Nadu to the tune of nearly Rs. 3,500 crore.

"These transactions have been made from August last year," Chief Commissioner of Income Tax, Chennai, Santhosh Datta, told reporters here on Tuesday. Urging people to file their Annual Information Returns (AIR) by July 31, he said the Department would act tough with those indulging in "high value cash transactions".

It was scrutinising those who had failed to file returns; those who had filed without quoting the Permanent Account Number (PAN); or filed returns where the details were not matching.

He said seven items of high value transactions had been listed out by the department: cash deposits exceeding Rs.10 lakh; credit card transaction over Rs. 2 lakh; mutual fund receipts of more than Rs. 2 lakh; Rs.1 lakh and above share receipts; security bonds valued over Rs. 5 lakh; purchase of property worth Rs. 30 lakh and above and sale transaction and receipts of RBI bonds to the tune of over Rs. 5 lakh.

The department had sent out "politely worded letters" to those who fell under its scanner. If they did not respond before July 31, it would not hesitate to take action.

He said computerisation of the IT Department offices was in its third phase. Over 60 per cent of the offices had been networked. By the year-end, the networking programme would be completed.

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