Rs 23.26 lakh cr high value transctions in 2005-06: CBDT
September, 21st 2006
As part of its efforts to catch possible tax evaders among high spenders, the Government has received information about Rs 23.26 lakh crore of high value transactions for 2005-06.
Central Board of Direct Taxes spokesman A K Sinha, however, clarified that the information does not necessarily mean that all high spenders have black money.
The Government got 18.84 "pieces" of information through what is technically called annual information returns (AIRs) on seven areas like cash deposits with banks exceeding Rs 10 lakh in a year, credit cards payments exceeding Rs two lakh annually, investment in shares over Rs one lakh and so on.
Last year, the Government has collected 17.9 lakh pieces of information about Rs 13.40 lakh crore of transactions for 2004-05 and the authorities have started sending letters to these high spenders, whose figures did not match with their returns.
In this connection, Form 2F comes handy as cash flow statement in it helps authorities to send notices only to genuine offenders, Sinha said.
As far as the shortage of staff is concerned for handling huge work of income tax like AIRs, the Department is hoping to get a nod from the Cabinet about additional recruitment in the next 10 days, he said.
However, this year less number of AIRs were filed at 1,849 against 3,188 last year mainly because the designated authorities like headquarters of banks are giving these information unlike various branches last year.