7l tax notices: Who is likely to receive them

In its attempt to uncover black money and tax defaulters, the government is sending out 7 lakh notices on big transactions which appear dodgy because PAN numbers were not disclosed. A 10-digit unique PAN number assigned to individuals helps income tax officials track their financial transactions. The department will be issuing letters to 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.
Parties can log-in to their e-filing website and by quoting a Unique Transaction Sequence Number provided to them, can link their transaction. The deals under scrutiny have been culled from 2009 to this year. Those who’re being asked to furnish moreinformation are people who deposited Rs 10 lakh or more in cash in savings accounts; those who bought or sold property worth Rs 30 lakh or more.

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