I-T department obtains instances of unreported transactions of over Rs 2,000 cr

In a major crackdown, the Income Tax department has under its scanner more than 22 crore instances of High Value transactions in the country and abroad which include unreported credit card operations and deals in real estate. The department has obtained, through its data mining and intelligence tools, instances of unreported transactions involving an estimated amount over Rs 2,000 crore. "The department is on the job to verify all the details of these unreported deals and a major operation is already underway in the country," a top I-T official said here.

The total deals under the probe lens are 22,52,06,979, the official said. The step is seen as a major drive to garner as much revenue as possible by the I-T before the fiscal closes and the budgetary target of Rs 5.32 lakh crore is achieved. According to the official data of the tax department, its officials are working on sale and purchase of house property by 6,23,384 individuals worth Rs 30 lakh each.