PANs with Undisclosed Foreign Assets and Suspected Benami Transaction under Risk Assessment [Read Instructions]:

PANs with Undisclosed Foreign Assets and Suspected Benami Transaction under Risk Assessment [Read Instructions] The Directorate of Income Tax (Systems) has notified that PANs with undisclosed foreign assets and suspected Benami transactions are under risk assessment. The tax department notifies this via issuing instructions. This instruction talks about the dissemination of cases on the 'Verification' module of the Insight portal for assessment, investigation and TDS wings as per the risk management strategy of the board. The Instructions Read as Follows: The Board-approved Risk Management Strategy (Cycle-5) has been executed for the identification of potential cases for action u/s. 148/148A of the Income Tax Act, 1961. In this regard, cases pertaining to AY 2019-20, 2020-21 and 2021-22 were identified on the basis of risk assessment of verification reports uploaded on the Insight Portal. In this connection, the following types of cases have been disseminated to the field: 1. Suspected Benami Transaction cases to PDsIT(Inv.) These cases with risk type Suspected Benami Transaction cases have been disseminated on 'Verification' module of Insight portal. Navigation path for accessing these cases is Insight Portal >> Verification Module >> Verification stage >> Suspected Benami Transaction cases (Under verification). These cases have been assigned to PDsIT (Inv.) for further assignment to BPU for taking action under PBPT Act, 1988. 2. Undisclosed Foreign Assets/Income Issue cases to PDsIT(Inv) These cases with risk type High Risk Foreign Asset/Income Information have been disseminated on 'Verification' module of Insight portal, Navigation path for accessing these cases is Insight Portal >> Verification Module >> Verification stage >> High Risk Foreign Asset/Income Information (Under verification). These cases have been assigned to respective PDsIT (Inv) for further assignment and action under BMA 2015. 3. TDS Compliance Issue cases to TDS wing Certain high-risk TDS compliance issue-based cases have been disseminated to respective CCIT (TDS) having jurisdiction over the TAN of PAN with the largest transaction value for verification on 'Verification' module of the Insight Portal. Navigation path for accessing these cases is Insight Portal >> Verification Module >> 'Verification' (Taxpayer)>> Select Case Type as TDS Compliance Issue >> Click on 'Under Verification' (count). Underlying Information related to these cases has been made visible in Profile Views of the Insight Portal. Navigation path for accessing the underlying information is Insight Portal >> Taxpayer Profile View >> Taxpayer Annual Summary (TAS) >> Information >> Uploads. In case of technical difficulty, users may contact:

(i) Helpdesk number-1800-103-4216 ог

(ii) Write to [email protected]

For Official Instructions Download PDF Given Below: