<p>Income Tax Department has asked its top officers to closely scrutinise high-value transactions and investments in penny stocks to identify potential black money holders who can avail the four-month compliance window ending September 30 to come clean.<br /><br /></p>.<p>In a communication to Principal Chief Commissioners in 18 regions across the country, the department has asked officers to look into Annual Information Returns (AIR), which do not contain valid PANs.<br /><br />The database for 'Non-PAN AIR transactions' has already been disseminated to Principal Chief Commissioners based on the regions.<br /><br />It has also made available list of cases related to penny stock transactions for Assessment Year 2009-10 to 2013-14 for identifying potential black money holders.<br /><br />The department has also asked the officials to share data on penny stock transactions with field formations.<br /><br />Principal Chief Commissioners have also been asked to scrutinise "non-filers" and those who have not submitted their response to the tax authorities about non-filing of returns.<br /><br />The department, the communication said, is also developing a new functionality on e-filing portal, which will force the tax payers to own up non-PAN transactions.<br /><br />According to sources there are around 60 lakh high value AIR transactions without PANs which can be mined through online tracking systems.<br /><br />The Budget for 2016-17 announced a four-month compliance window, allowing domestic black money holders to declare their unaccounted wealth, by paying a tax and penalty of 45 per cent and escape prosecution and harsher punishment.<br /><br />The window under the Income Declaration Scheme (IDS) 2016 will remain open from June 1 to September 30. Tax and penalty on income declared, as per the original scheme, is to be paid by November.</p>
<p>Income Tax Department has asked its top officers to closely scrutinise high-value transactions and investments in penny stocks to identify potential black money holders who can avail the four-month compliance window ending September 30 to come clean.<br /><br /></p>.<p>In a communication to Principal Chief Commissioners in 18 regions across the country, the department has asked officers to look into Annual Information Returns (AIR), which do not contain valid PANs.<br /><br />The database for 'Non-PAN AIR transactions' has already been disseminated to Principal Chief Commissioners based on the regions.<br /><br />It has also made available list of cases related to penny stock transactions for Assessment Year 2009-10 to 2013-14 for identifying potential black money holders.<br /><br />The department has also asked the officials to share data on penny stock transactions with field formations.<br /><br />Principal Chief Commissioners have also been asked to scrutinise "non-filers" and those who have not submitted their response to the tax authorities about non-filing of returns.<br /><br />The department, the communication said, is also developing a new functionality on e-filing portal, which will force the tax payers to own up non-PAN transactions.<br /><br />According to sources there are around 60 lakh high value AIR transactions without PANs which can be mined through online tracking systems.<br /><br />The Budget for 2016-17 announced a four-month compliance window, allowing domestic black money holders to declare their unaccounted wealth, by paying a tax and penalty of 45 per cent and escape prosecution and harsher punishment.<br /><br />The window under the Income Declaration Scheme (IDS) 2016 will remain open from June 1 to September 30. Tax and penalty on income declared, as per the original scheme, is to be paid by November.</p>