PAN To Be Most Potent Device Against Tax Fudging: CBDT (06-Feb-2012)
In a move, which would reveal black money, tax fudging and instances of criminal financing in the country, the 10-digit alphanumeric number-Permanent Account Number (PAN) card is likely to become the most potent device for the Income Tax Department in the forthcoming financial year. Central Board of Direct Taxes (CBDT) is set to launch a new drive against those who have 'not furnished their PAN' while entering into high value transactions. The drive will end on March 20, 2012 eleven days before the current fiscal closes.
The drive is being launched on the recommendations of a high-level committee appointed by the CBDT last year to find those taxpayers who have gone missing without paying tax estimated to the tune of Rs 101,836 crore at present. The new PANs will be fed into the system and then whenever a transaction is done using that identity; a flow chart of all credit/debit cards, banking and other transactions from it will get displayed for the officer investigating.
This system will not only bring about a mechanism of non-intrusive investigation by department without troubling the taxpayer but will also streamline the financial data of each taxpayer for his assessing officer. All such cases will be required to furnish their PAN if they already have one or apply immediately if they do not have one.
The CBDT has also asked in the latest directive that such people will also be required to explain the source of the high value investments, deposits, expenditure and whether these were properly explained in the I-T returns filed by them. The CBDT further spelt out that there are 'penal consequences' of either not reporting or obtaining a PAN card.
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