623,384 Property Deals + 2.7 Million Cash Transactions – Black Money Under Income Tax Special Scanner

Repeated Requests to the Finance Ministry to have PAN Cards Mandatory for ALL Property Transactions has been answered partly. The Indian Income Tax Department launched aggressive drive to collect information on 623,384 persons involved in High Valued Property Transactions across India in FY 2009-10 and FY 2010-11. Each of these individuals have transacted over Rs 30 Lakh and the field Agents of the Income Tax Department have done a commendable job by collecting data from various Land Records and Registrar Offices across India.

What Information Does the Income Tax Department has about 623,384 Persons in Real Estate Deals ?

• IT has the details of the Property Transaction
• IT Departments internal Algorithms run your Tax Paid History and see if your net-worth allows you to BUY the High Value Property.
• If your previous Tax Paying Record and Income doesn’t match with the property that you have purchased, Income Tax will initiate a Survey and can seize the property and also fine upto 300% of the concealed income.
• This is just the beginning of the crackdown on Real Estate Traders, Agents, Speculative Investments by cheating the nation.

The Indian Income Tax Department has also collected information on 27.50 Lakh Individual accounts where cash transactions of over Rs 10 Lakh have been made in a Financial Year – FY 2009-10 / FY 2010-11. IT Department has got aggressive against these individuals in a special drive.

Mutual Funds / Shares / Bonds Transactions: Over Rs 1 Lakh investment in Shares or Over Rs 2 Lakh investment in Mutual Funds or Over Rs 5 Lak investment in Bonds / Debentures in any Financial Year have also been reported to the Income Tax. The Department as information on 33.21 Lakh individuals.

The IT Dept also has Information on over 15.23 Lakh Credit Card accounts who have spent over Rs 2 Lakh in a FY.

Income Tax Department is Doing a Great Job as it has information on 22.52 Crore Individuals / Firms / Entities who may have evaded Income Tax. This is a Great Achievement as the Total Number of Tax Payers in India is mere 3.3 Crore. You can have a look at the breakup of the IT payers according to their profession or business here.