« Top Headlines » Open DEMAT Account in 24 hrs  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal «  Infra firms misused tax sop, says FM... Rs 200 cr tax on BSE share transfers... » 60,000 high-value transactions under IT lens March, 09th 2007 To trace the source of money and detect possible tax evasion, the income tax department is investigating 60,000 high-value transactions that date back to 2004-05.    These transactions are based on the Annual Information Reports (AIR) filed by entities like banks, mutual funds and companies.    Saying that the cases had been selected under a computer-aided scrutiny selection process, official sources said that the investigations are likely to be complete by December 2007.    The 60,000 cases were selected from a pool of 18.7 lakh high-value financial transactions worth Rs 13,99,890 crore captured under AIR for 2004-05. Interestingly, the number of high-value transactions reported fell by 2.86 lakh in 2005-06, though their value shot up by Rs 9,25,631 crore to Rs 23,25,521 crore in that year.    The category of transactions tracked under AIR include cash deposits of Rs 10 lakh and above, credit card bills of Rs 2 lakh or more, mutual fund investments of Rs 2 lakh and above, investments of Rs 2 lakh or more in a companys bond issue, acquisition of a companys shares worth Rs 1 lakh or more, purchase of immovable property valued at above Rs 30 lakh, and investment of Rs 5 lakh and above in bonds issued by the Reserve Bank.    The AIR initiative was launched in 2004-05 to identify tax evaders. The information collected in 2004-05 was submitted for assessment in 2005-06 but is being scrutinised only in this financial year.    With tax rates slowly being reduced, the focus of the government machinery is now on improving tax compliance to broaden the tax base and sustain revenue growth.