« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  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.