The Income Tax department has identified 90 lakh high value transactions without quoting PAN, the finance ministry said on Thursday asking tax evaders to own up and come clean on such transactions. As part of the scrutiny, I-T department will initially issue 7 lakh letters to those who have indulged in such transactions seeking their details. It said the tax department, with the help of in-house computer techniques, grouped such non-PAN transactions and identified 7 lakh high-risk clusters having around 14 lakh non-PAN transactions and these are being "scrutinised" by the tax department closely. "The department will be issuing letters to the parties of these transactions requesting them to provide their PAN number against these transactions," the ministry said. "The department has details of about 90 lakh such transactions for the period 2009-10 to 2016-17," a finance ministry statement said.

Source: dna July 21, 2016 15:33 UTC