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High-value transactions of
more than Rs 50,000 and above require PAN details
LATEST
NEWS : Of
the 1.1 million permanent
account numbers (PAN) that the government deactivated last month,
income-tax (I-T) sources say a majority were duplicates and were being used to
open share-trading and demat accounts, transact on the stock markets, and
operate in shell firms.
The I-T department has discovered
one individual could have five to seven PAN cards, each with a slightly
different spelling of the holder’s name.
According to I-T officials, such
people, who have been identified as small- and medium-sized stock brokers,
sub-brokers and their clients, have evaded taxes.
They could have evaded so by using
one card for filing tax returns, and others for investing in financial
instruments or making high-value transactions, said a senior tax official.
High-value transactions of more
than Rs 50,000 and above require PAN details. During demonetisation, PAN was
required to be quoted in the case of cash deposits of more than Rs 2 lakh in
savings accounts.
Sources said that the tax
department had used data analytics to track down evaders by collecting
information such as common addresses, mobile numbers, and emails to establish
the relationship among multiple PANs.
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