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One in three big deals does not quote PAN
June, 20th 2006

News

20th June, 2006

One in three big deals does not quote PAN

The finance ministry's move to track non-filers or tax evaders through measures like filing of annual information returns (AIR) appears on target.

Of the over 18 lakh transactions captured under these returns last year, a whopping six lakh did not quote a permanent account number (PAN).

We sent letters to all those people whose transactions were not accompanied with a PAN. We have received some responses and we are planning to send a second round of letters to those who have not sent in their response, said a ministry official.

Officials said the annual information returns would help increase the number of tax-payers, also an objective behind the introduction of the measure.

Since we are creating individual profiles of tax-payers, details of the transactions will be used and collated with the profile of the individual tax-payer. From next year, we will also be able to analyse the number of non-filers from the AIR, they said.

This year, the information captured under the AIR would be used to select cases for scrutiny, using the Computer Assisted Scrutiny System (CASS).

While CASS would be implemented in 60 cities this year, its coverage would be extended to 410 cities next year, the officials said, adding that the department aimed to scrutinise at least 2 per cent of the total returns this year.

The annual chief commissioners conference on July 3-4 would deliberate on the new transactions to be included under the AIR.

Finance Minister P Chidambaram had indicated in the Budget that more transactions would be included under the AIR. The conference would also discuss measures to implement suo motu granting of PAN.

 
 
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