Mumbai, July 22: Union finance minister P. Chidambaram today said he was waiting for feedback from banks on large transactions to track down dishonest taxpayers. However, he assured that the reports generated by the banks would be treated as “privileged information and zealously guarded”.

Chidambaram was speaking at the launch of the tax information network (TIN) ? a project of the income tax department executed by National Securities Depository Ltd.

Showing dismay at the official figure of only 80,000 individuals earning above Rs 10 lakh, he told senior representatives of the financial sector that he could easily get 50 individuals who earn above Rs 10 lakh from the gathering itself.

“A survey of a high-rise office building in Mumbai or New Delhi will easily find 2000 individuals earning above Rs 10 lakh,” he said. He also added that the taxmen will match the large transactions with the records of taxpayers and assesees.

The Union finance minister said 67 lakh demat accounts were not enough. During its peak, Unit Trust of India had 2 crore accounts. There is a work force of 36 crore individuals in the country and the employees’ provident fund has 4 crore accounts, he added. He asked NSDL CMD C.B. Bhave to find innovative ways to bring potential investors in the depository system.

e-filing of returns

The tax authorities have extended the last date for e-filing of returns of income through intermediaries by a month to August 31, an official release said.