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Mails to those undertaking high value transactions

Written by: Staff
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New Delhi, July 4 (UNI) Finance Minister P Chidambaram today warned those evading Income Tax, to file their returns without fail, and said that the government would be sending out mails to all parties and individuals involved in high value transactions.

''The government has collated information about high value transactions on the basis of the Annual Information Report (AIR) filed by Banks and Financial Institutions'', Mr Chidambaram told Reporters here.

The Finance Minister made these remarks after addressing the Annual Conference of Chief Commissioners of Income Tax.

Mr Chidambaram said there were many rich individuals who do not pay taxes and said the government now has substantial information to track transactions.

He said the total transactions that have been traced are of the magnitude of Rs 17,52,612 and belong to 6,60,000 separate parties. Out of these 1,84,950 are from PAN networks and 4,75,019 are without PAN.

The Finance Minister said the government in the distant future would add more items to the AIR, but added that at the moment, on the basis of the AIR, the government has adequate information on different kinds of transactions.

Some of the parametres on which the transcations have been traced relate to credit card payments of more than Rs two lakhs; purchase of Mutual Funds of more than Rs two lakhs and sale and purchase of a property of more than Rs 30 lakhs.

Mr Chidambaram said there were lot of rich people who do not pay their taxes and appealed to them to do so in right earnest.

The Finance Minister said the government has adopted a four pronged strategy in this regard; identifying parties; checking whether they have a PAN number; check whether a return has been filed and lastly, establishing whether the return filed reflects the transaction.

Mr Chidambaram said the growth rate of Direct tax collections in 2004-05 was 26 per cent; in 2005-06 it was 24.5 per cent and in 2006-07 the growth in direct tax collection was 27.7 per cent.

The returns for individuals are to be filed by July 31, 2006 and the Finance Minister said more than 320 help centres in 288 cities have been set up for the purpose.

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