IT Dept issued Instructions on High-Risk and Non-PAN Transactions

The Directorate of Income Tax (Systems) has issued Instructions regarding the dissemination of High-Risk transaction and High-Risk Non-PAN Transaction cases on Verification module of Insight portal (RMS Cycle-2).

The Instruction Stated, “The Board approved Risk Management Strategy (Cycle-2) has been executed for the identification of potential cases for action u/s. 148/148A of the Income Tax Act, 1961.”

Potential cases relevant to AY 2016-17 and AY 2019-20 determined on the basis of risk assessment of verification reports uploaded in the STR module have been communicated to field formations with the case categories listed below on the Insight portal’s Verification module.

Navigation path for accessing these cases is Insight Portal >> Verification Module >> Verification stage >> “Case type” (Under verification).

Users can commence procedures u/s 148/148A from the activity panel on the case detail screen for the case type “High Risk Transaction” to establish a worklist pendency of cases u/s 148/148A on the Assessment module of ITBA. Future proceedings/activities can be completed via the ITBA portal as usual.

The underlying information for the case, as described in paragraph 5 above, is now viewable on the Insight Portal Profile View. Navigation path for accessing the underlying information is Insight Portal >> Taxpayer Profile View >> Taxpayer Annual Summary (TAS) >> Information >> Uploads.

Underlying information and documentation for the case type “High Risk Transaction (Non-PAN)” can be viewed by clicking on the hyperlink under ‘Non-PAN Entity Id‘.

In this regard, Verification Initiation Date (Insight Portal >> Verification Module >> Verification stage >> “Case type” (Under verification) >> View Details>> Verification Initiation Date) may be examined in cases being disseminated under RMS Cycle-2 and accordingly, appropriate action may be initiated in accordance with the relevant provisions u/s 148A/148 of the Income-tax Act, 1961 and directions issued by the Board in this regard.

For Official Instruction Download PDF Given Below: