PAN to be most potent tool against tax evasion: I-T Dept

Directive of CBDT has asked officials to launch a special drive against those who have "not furnished their PAN while entering high value transactions

PTI | February 6, 2012



Come next financial year, the PAN card is likely to become the most potent tool for the Income Tax Department to unearth black money, tax evasion and instances of criminal financing in the country.

A recent directive of the Central Board of Direct Taxes (CBDT) to the I-T Dept has asked its officials to launch a special drive against those who have "not furnished their PAN ( Permanent Account Number)" while entering into high value transactions.

The drive will end on March 20, eleven days before the current fiscal closes.

The measure has been taken on the recommendations of a high-level committee appointed by the CBDT last year to find those taxpayers who have gone missing without paying taxes, pegged at Rs 1,01,836 crore at present.

The committee under I-T Director General (Administration) was set up to examine pending cases on I-T demands under the categories "assesses not traceable" and "no assets/ inadequate assets for recovery".

A top Finance Ministry official, involved in the planning of the latest drive, explains the idea behind the exercise which is being conducted across the country.

"The PAN card data which the I-T will obtain during the two month drive which started on February 20 will bolster the 360-degree profiling computer-based data-bank of the department. The new PANs will be fed into the system and then whenever a transaction is done using that identity, a flow chart of all credit/debit card, banking and other transactions from it will get displayed for the officer investigating," the official said.
 

Comments

 

Other News

Borrowing troubles: How small loans are quietly trapping youth

A silent crisis is playing out in the pocket of young India, not in stock markets or government treasuries, but in smartphones of college students and first-jobbers who clicked on the Apply Now button without reading the small print.  A decade ago, to take a loan, you had to do some paperwor

A 19th-century pilgrim’s progress

The Travels of a Sadhu in the Himalayas By Jaladhar Sen (Translated by Somdatta Mandal) Speaking Tiger Books, 259 pages, ₹499.00  

India faces critical shortage of skin donors amid rising burn cases

India reports nearly 70 lakh burn injury cases every year, resulting in approximately 1.4 lakh deaths annually. Experts estimate that up to 50% of these lives could be saved with adequate access to skin donations.   A significant concern is that around 70% of burn victims fall wi

Not just politics, let`s discuss policies too

Why public policy matters Most days, India`s loudest debates stop at the ballot box. We can name every major leader and recall every campaign slogan. Still, far fewer of us can explain why a widow`s pension is delayed or how a government school`s budget is actually approved. That

When algorithms decide and children die

The images have not left me, of dead and wounded children being carried in the arms of the medics and relatives to the ambulances and hospitals. On February 28, at the start of Operation Epic Fury, cruise missiles struck the Shajareh Tayyebeh school – officially named a girls’ school, in Minab,

The economics of representation: Why women in power matter

India’s democracy has grown in scale, but not quite in balance. Women today are active participants in elections, influencing outcomes in ways that were not as visible earlier. Yet their presence in legislative institutions continues to lag behind. The Nari Shakti Vandan Adhiniyam was meant to addres


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter