Govt serious about curbing black money and widening tax base

The Centre is committed to curb the circulation of black money and widen tax base, a senior Income Tax official said here today.
The Additional Director, Income Tax (Intelligence and Criminal Investigation), West Bengal and Sikkim, Priyabrata Pramanik urged people to come forward voluntarily to furnish transaction details with IT department to curb the menace of black money in the country.
Pramanik was interacting with the members of the Merchants' Chamber of Commerce and Industry (MCCI) here on "Mandatory Furnishing of Non-Pan Data and Statement of Financial Transaction to Income Tax Department in Form No. 61 and 61A".
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, he said adding that "Persons who do not hold PAN are required to fill up Form 60."

"The objective is to provide a mechanism wherein the flow of information regarding certain specified high value transactions entered into by a taxpayer with other persons is automatic. This will help for widening and deepening the tax base," he added.