In view of the Shortfall in the Revenue, and increase in fiscal deficit, the Central Government has directed the Income-tax Department to launch two month Special Initiative to trail and verify high value transactions by persons not assessed to tax or those who have not furnished their PAN during such deals.
This special Drive will be carried out from 20th January 2012 to 20th March 2012. This will drive will cover the following transactions :-
1) High Value Investments
2) High Value Deposits (Bank & Post Office)
3) High Value Expenditure
4) Purchase of Property/Vehicles/Shares and Bonds
from persons who have not assessed to tax (or) persons who have not furnised their PAN at the time of these transactions.
Persons who are covered as above will be issued notices for furnishing their PAN and if PAN is already submitted , they will be required to explain whether these investments were properly accounted and declared in their return of Income. The response for the same shall be sent by Speed/Registered Post.
In special cases, the Income-tax officers may also visit the premises of high value investors/assessees/depositors/Spendors.
Assessees/ Non-Assessees who have not accounted these transactions properly will be required to pay the due taxes and file the Income-tax returns on or before 31.03.2012. Penalty upto 300% of the tax unpaid shall be leviable along with prosecution is special cases.
