• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • About Us
  • Executive Team
  • Investors
  • Privacy Policy
  • Terms Of Use
  • Contact Us

  • Blog
  • Tax Services
    • E-file ITR for Salaried
    • E-file ITR for Business
    • TDS E-file for Business
    • Manage Tax Practice
  • Tax Optimizer
    • Optimize Tax – Salaried
    • Optimize Business Tax
  • Help
    • FAQs
    • Glossary
    • Resources
    • Product Tour
    • Tax Calculator
  • Efiling
  • Income & Investments
  • Tax Compliance
  • Tax Optimization
  • Tax Refunds

I-T department to track high value transactions

June 24, 2016 by Sudhir Kaushik

View quick summary Due to the slowdown in economic growth, corporate earnings have decreased. This has impacted the tax collection; the April-December period saw a net growth in direct tax earnings by a miniscule 8%. So, to step up tax earnings, the I-T department has decided to track high value transactions, with a focus on those above Rs 10 lakhs.
The Department can ask the party to explain the source of money, verify the accounting recorded for the transaction in the ITR and furnish PAN card details. Transactions between persons who are not income tax assessees or those who didn’t reveal their PAN while entering the transaction will be brought under the scanner.
M.C. Joshi, Chairman, Central Board of Direct Taxes clarified that the focus of the drive will be on bigger assessees and on companies doing financially well. This drive will only take recorded transactions into account. Measures that must be taken to target unaccounted transactions still remains an open question.
Defaulters may have to cough up almost 300% of the unpaid tax levy and if the case demands, prosecution. Experts believe that the drive can bring to light the trail of how illegal funds enter the system.

Filed Under: Tax Refunds

Primary Sidebar

E-mail Newsletter

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

More to See

TDS RETURN FILING: know law, software process and benefits of outsourcing

September 21, 2022 By Aastha Sharma

How Salary Restructuring Helped in Saving Tax?

August 17, 2022 By Sudhir Kaushik

Tags

advance tax black money budget 2017 claims tax benefits CTC Direct Tax Burden e-file tax return elss ultimate returns form 16 gratuity hard earned money home loan nps HRA income expenses income tax declaration income tax department income tax return income tax saving investment declaration Investment tax saving investor financial needs long-term capital gains medical leave encashment National Pension System NPS plan your investments presumptive taxation scheme retirement benefits return filing deadline save tax section 80c self assessment tax service tax short-term capital gains Suggestions Budget 2017 tax tax-free tax details salaried taxpayers tax efficiency tax optimization tax return filing tax saving tax saving tips taxspanner undeclared income

Footer

Services

  • E-file Tax Returns
  • Tax Optimizer
  • Respond To ITD
  • Consult Experts
  • Tax Practitioners
  • TDS Returns

Help

  • Product Guide
  • FAQs
  • Tax Calculators
  • Glossary
  • Contact Us
  • Forget Password

Taxspanner logo
TaxSpanner is India’s largest and most trusted website that offers online preparation and filing of individual Income Tax Returns (ITR).

Read More

Copyright © 2023 · Span Across IT Solutions Private Limited.