Skip to main content

Operation Clean Money to Perform a Surgical Strike on 18 Lakh Accounts

By
Individuals will be asked to divulge source of large cash transactions post demonetisation
 
The government said it has identified 18 lakh individuals who will be
required to divulge the source of large cash transactions that they 
undertook in the weeks after demonetisation as part of the income-tax 
department’s Operation Clean Money/ Swachh Dhan Abhiyan initiative.
 
An integral part of the government’s campaign against black money, the 
account holders have been targeted through the use of data analytics 
to sift through information for the period between November 9, when the 
old Rs 500 and Rs 1,000 notes ceased to be legal tender, and December 30,
when the window for their deposit in banks ended.
 
These 18 lakh persons have been identified by the tax department as their 
transactions did not match their tax profile. Cases are being selected for
verification on the basis of approved risk criteria, officials said. The
tax department has enabled online verification of these transactions to 
ensure that people do not face any harassment at the hands of tax officials.
Every permanent account holder will be able to view information about his 
or her transaction using the income tax e-filing portal. ET had reported on 
January 2 about the income-tax department's plan to put information online. 
“Operation Clean Money/Swachh Dhan Abhiyan is a programming software which
will be used to get answers on all the deposits made and only after preliminary
answers from the people, if need be, we would take legal action against those 
people,” revenue secretary Hasmukh Adhia said on Tuesday.
 
1st February 2017 , The Economics Times, New Delhi 

Comments

Post a Comment

Popular posts from this blog

Budget: Startup sector gets new Fund of Funds, FM to allocate Rs 10K cr

By
  The Indian startup sector received a boost with Finance Minister Nirmala Sitharaman announcing the establishment of a new fund of funds (FoF) in the Budget 2025. The minister unveiled a fresh FoF with an expanded scope, allocating Rs 10,000 crore. The initial fund of funds announced by the government with an investment of Rs 10,000 crore successfully catalysed commitments worth Rs 91,000 crore, the minister said.   “The renewal of the Rs 10,000 crore commitment to the Fund of Funds for alternative investment funds (AIFs) is a significant step forward for the Indian startup and investment ecosystem. The initial Rs 10,000 crore commitment catalysed Rs 91,000 crore in investments, and I fully expect this fresh infusion to attract an additional Rs 1 lakh to Rs 1.5 lakh crore in capital,” said Anirudh Damani, managing partner, Artha Venture Funds.   Damani further added that this initiative will provide much-needed growth capital to early-stage startups, further strengthenin...
1 comment
Read more

GST collection for November rises by 8.5% to Rs.1.82 trillion

By
  New Delhi: Driven by festive demand, the Goods and Services Tax (GST) collections for the Union and state governments climbed to Rs.1.82 trillion in November, marking an 8.5% year-on-year growth, according to official data released on Sunday. Sequentially, however, the latest collection figures are lower than the Rs.1.87 trillion reported in October, which was the second highest reported so far since the new indirect tax regime was introduced in 2017. The highest-ever GST collection of Rs.2.1 trillion was reported in April. The consumption tax figures highlight the positive impact of the recent festive season on goods purchases, providing a much-needed boost the industry had been anticipating. The uptick in GST collections driven by festive demand had been anticipated by policymakers, who remain optimistic about sustained growth in rural consumption and an improvement in urban demand. The Ministry of Finance, in its latest monthly economic review released last week, stated that I...
Post a Comment
Read more