High-value transactions without PAN in MP,C'garh under scanner

The Income Tax department has nearly 36,000 "specific inputs" about high-value transactions which have been carried out in Madhya Pradesh and Chhattisgarh without quoting the permanent account number (PAN), a top government official said today.
The announcement was made by Principal Chief Income Tax Commissioner for Madhya Pradesh and Chhattisgarh Abrar Ahmed, who also made an appeal to the people to come clean on their undisclosed assets and income under the ongoing Income Disclosure Scheme (IDS).
"We are having 36,000 specific inputs about high-value bank and property transactions. These people have carried out transactions without (quoting) the Permanent Account Number," Ahmed told reporters here.

The IT department had started issuing notices to these persons, he added.
IDS, which started from June 1, will end on September 30, he said and dismissed the reports that the scheme was getting a tepid response. The scheme was bearing fruit, he asserted.
In some cases undisclosed assets of Rs 5 crore, Rs 10 crore or even Rs 20 crore were disclosed by the people under IDS, he said.
Tax-evaders, tax-defaulters and those having black money have the chance to declare their unaccounted-for assets and become tax-payers under this scheme, said Ahmed, an IRS officer of the 1980 batch.