Govt committed to curbing circulation of black money and widening of tax base: IT official
He was speaking at an interactive session on “Mandatory Furnishing of Non-Pan Data and Statement of Financial Transaction to Income Tax Department in Form No. 61 and 61A” organized by the Merchant Chamber of Commerce and Industry (MCCI).
He said that for collecting information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified limit. Persons who do not hold PAN are required to fill a form 60.
The objective is to provide a mechanism wherein the flow of information regarding certain specified high value transactions entered into by a taxpayers with other persons is automatic so that the same could be utilised for widening and deepening the tax base, he added.
Pramanik urged people to come forward voluntarily to furnish transaction details with IT department to curb the menace of black money in the country.
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