Simplified Laws Guide to Taxation and Legal Concern

The Income Tax Department has been receiving information about large value transactions through Annual Information Return (AIR) without a valid PAN. In order to bring tax evaders under the tax net, the Income Tax department has sent  letters request for linking of large value transactions to a valid PAN. These …

Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Transactions Under the Annual Information Returns (AIR), various types of high-value transactions were being reported to the Income Tax Department. These include reporting of cash deposits of Rs.10,00,000 or more in a saving bank account, …

Income Tax Department signs contract with L & T Infotech Ltd for implementation of Project Insight In the last decade, the Income Tax Department embarked on an ambitious computerization plan which developed voluminous databases of IT returns, IT forms, TDS/TCS statements, Annual Information Return (AIR) etc. The large volumes of …