Skip to main content

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

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

Popular posts from this blog

New income tax slab and rates for new tax regime FY 2023-24 (AY 2024-25) announced in Budget 2023

  Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 currently under the new income tax regime in Budget 2023. Further, the income tax slabs in the new tax regime has been changed. According to the announcement, 5 income tax slabs will be there in FY 2023-24, from 6 income tax slabs currently. A rebate under Section 87A has been enhanced under the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh. Thus, individuals opting for the new income tax regime and having an income up to Rs.7 lakh will not pay any taxes   The income tax slabs under the new income tax regime will now be as follows: Rs 0 to Rs 3 lakh - 0% tax rate Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30%   The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)   Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6

Jaitley plans to cut MSME tax rate to 25%

Income tax for companies with annual turnover up to ?50 crore has been reduced to 25% from 30% in order to make Micro, Small and Medium Enterprises (MSME) companies more viable and also to encourage firms to migrate to a company format. This move will benefit 96% or 6.67 lakh of the 6.94 lakh companies filing returns of lower taxation and make MSME sector more competitive as compared with large companies. However, bigger firms have shown their disappointment since the proposal for reducing tax rates was to make Indian firms competitive globally and it is the large firms that are competing globally. The Finance Minister foregone revenue estimate of Rs 7,200 crore per annum for this for this measure. Besides, the Finance Minister refrained from removing or reducing Minimum Alternate Tax (MAT), a popular demand from India Inc., but provided a higher period of 15 years for carry forward of future credit claims, instead of the existing 10-year period. “It is not practical to rem

Don't forget to verify your income tax return in August: Here's the process

  An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through s