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of <h1>CBDT Launches Drive to Verify High-Value Transactions; Non-Compliant Individuals Face Penalties and Prosecution.</h1> The Central Board of Direct Taxes has initiated a special drive from January 20 to March 20, 2012, to verify high-value transactions by individuals not assessed to income tax or lacking a Permanent Account Number (PAN). These individuals must provide their PAN or apply for one, and explain the source of their transactions, ensuring they are accounted for in their tax returns. Failure to comply may result in penalties up to 300% of unpaid taxes and potential prosecution. Tax officials may visit premises for verification, and individuals can submit information via post to avoid office visits.
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