............Interestingly, while it is commonplace to say that just a fraction of India’s high-value transactions get reported to the taxman—that’s what the Cobrapost sting suggested—the taxman’s data is quite reassuring. Less than a fifth of all transactions captured are taking place without valid PAN details. Whether or not those making the transactions are paying the correct amount of tax is something the taxman has to investigate, but it is clear that it is not just the rich who are avoiding paying of taxes. .............
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