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Suspicious High Value Transactions Tracked By I-T Department Due To Aadhaar-PAN Linking

The Aadhaar-PAN linking has had its fair share of criticism. Even though the government has justified the linking, criticism has poured in from all directions. According to a Times of India report, the I-T Department has tracked suspicious high-value transactions due to the linking.

According to information provided by I-T sources to TOI, the transactions were tracked due to the Aadhaar-PAN linking ruling.

In an earlier notice, the Central Bureau of Direct Taxes postponed the deadline for Aadhaar-PAN linking. It has been set till 30th June 2018. According to the notification, around 4.4 crore users have linked the PAN and Aadhaar cards. This has helped in the tracking of suspicious transactions.

Also read – Link You PAN Card With Aadhar Card Using These Steps

Initially, the linkage ruling was passed to eliminate duplicate PAN cards. They were being used for money laundering activities. It was used to avoid tax payment also.

If the tax department finds any discrepancy in the transactions, then action will be taken against the suspected individuals. The Income Tax Department has already sent out notices to users. It has been sent for following the ruling. Till now only 17 crore individuals have linked their PAN and Aadhaar card. Meanwhile, 20 crores haven’t linked yet.

The Aadhaar-PAN linking has provided the tracking of high-value transactions. It includes high purchases, sales etc. It has even helped in finding false declarations for people regarding accusations that they didn’t possess a PAN card.

Also read – Here’s Why You Should Link Your PAN Card With Aadhar Card

During the fiscal year 2017 and fiscal year 2018, total 1.65 crore transactions were tracked. They were tracked where users went for Form 61. It was after the number was issued to them by the department. Form 61 is used in cases where individuals have agricultural income but no PAN card.

The Aadhaar-PAN card ruling has been a topic of great debate. The government has stood strong. It has suggested that it helps in detection of unreported suspicious transactions. According to them, it helps in catching economic offenses. Meanwhile, critics have said that it can lead to fraud and data leak.

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About the Author: Praveen Unnikrishnan

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