DIGITAL DRIVE

Centre launches 'Operation Clean Money' portal to fight black money

100-rupee-reuters [Representational image] The Operation Clean Money was initiated by the Income Tax Department (ITD) on the January 31, 2017 with the launch of e-verification of large cash deposits made between November 9 and December 30, 2016 | Reuters

Around 18 lakh persons have been identified whose cash transactions did not appear in line with the tax payer's profile

In an attempt to fight corruption and black money, Union Finance Minister Arun Jaitley today launched Operation Clean Money portal.

The launch took place in presence of senior officers of the Ministry of Finance, Department of Revenue and the Central Board of Direct Taxes.

The Income Tax Department urged all taxpayers and citizens to actively participate in Operation Clean Money for a common cause of building a proud nation, which runs on the strength of the honest taxpayers.

The Operation Clean Money was initiated by the Income Tax Department (ITD) on the January 31, 2017 with the launch of e-verification of large cash deposits made between November 9 and December 30, 2016.

In the first batch, around 18 lakh persons were identified in whose case, cash transactions did not appear in line with the tax payer's profile.

There has been an encouraging response to the online verification process and more than 9.72 lakh taxpayers submitted their response without visiting Income tax office up to May 12, 2017.

These taxpayers have provided response for 13.33 lakh accounts involving cash deposits of around Rs. 2.89 lakh crore. The online responses have been assessed and no further action will be taken in cases of satisfactory explanation.

The ITD on-boarded two specialised data analytics agencies and a business process management agency to augment departmental capability in analyzing large volume of cash deposit data, track the compliance status of taxpayers and reporting entities.

With the continuous flow of information from various sources including Statement of Financial Transactions (SFT), the ITD is conducting analysis in conjunction with previously available/analysed data.

Such incremental data analysis has already led to identification of new cases for e-verification. Furthermore, ITD has also identified 3.71 lakh new accounts relating to 1.58 lakh taxpayers who made partial declaration of accounts/amounts in their earlier responses. In addition to the earlier 18 lakh cases, 5.68 lakh new cases have been identified for e-verification process.

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