The Finance Ministry is planning to add high-value transactions in Annual Information Returns (AIRs) of revenue department for driving out tax evasion. This is in addition to lowering the existing limits in case of some transactions.
In AIRs, intermediaries, such as banks, are supposed to report high-value transactions to the tax department so that it can match this information with a person™s returns to spot any possible anomaly.
A notification in this regard may soon be released by CBDT.
Source : Business Standard
