In a bid to check unaccounted wealth in the economy, the Income Tax Department is working on a number of measures which include capping the amount of money one can keep it home, as well as making it mandatory to furnish PAN cards in case of high-value purchases.
According to a report in the Hindustan Times, taxmen will slap a hefty penalty if unaccounted cash in excess of Rs 10 lakh is recovered from one’s home while the Central Board of Direct Taxes (CBDT), the apex board for direct tax collection, also wants PAN to be mandatory for purchases of Rs 1 lakh and above.
The government also might institute a “Know Your Customer” (KYC) database to store your PAN card, Aadhaar, and other address proof details (passport number, driving licence number, etc). Making them mandatory allows tax authorities to engage in extensive data mining.
