Skip to main content

I-T Plans Portal for Non-intrusive Probe

By

Operation Clean Money 2.0: PAN to be key in communication with depositors, high-value buyers

The Central Board of Direct Taxes (CBDT) is developing a dedicated portal for the investigation of those identified to have made deposits or large purchases not in line with declared income as a follow-up to Operation Clean Money, which was launched in the wake of demonetisation to crack down on black money.

The proposal figured in discus sions at a recent review meeting of the revenue department with Prime Minister Narendra Modi.

“We are working on a dedicated portal,“ a top government official aware of the deliberations told ET. “This will be for those identified as part of Operation Clean Money .“ The portal will facilitate communication between individuals and tax authorities by way of the per manent account number (PAN).The department is looking to keep the process as non-intrusive as possible with an emphasis on e-assessment to keep human interaction to the minimum.

The second phase of Operation Clean Money will focus on highrisk individuals who made highvalue transactions and will be subject to detailed investigations.The department has already identified more than 60,000 such persons, based on data analytics. The cases that are being taken up for deeper investigation deal with deposits as well as high-value purchases or sales.

Black money continues to be a priority for the Modi government. A dedicated portal will ensure focused and nonintrusive interaction between tax authorities and suspected evaders, said the official.

The Prime Minister was given a detailed presentation on Operation Clean Money and various actions taken by the apex direct taxes body.

Operation Clean Money was launched soon after demonetisation to ensure that those with undeclared incomes were brought into the tax fold. The department identified about 1.8 million persons who were contacted through SMSes and emails and asked to explain their deposits, pay tax or declare past undisclosed income through the Pradhan Mantri Garib Kalyan Yojana.

Of these, 1 million responded in the everification process. The department managed to get about 9.5 million new taxpayers into the tax net in FY17. Total returns filed in the year earlier had amounted to 52.8 million, an increase of 22% from FY15.

The trend was not just restricted to returns. The number of applications for permanent account numbers (PAN) jumped after the demonetisation announcement on November 8 as the department issued a diktat to banks that all accounts had to be linked to PAN.

The department received about 173,000 daily applications for PAN against an average 83,000 before that. On some days, this rose to as much as 300,000. The department allotted 46.5 million PANs between November 8, 2016, and March 31, 2017.

The Economic Times New Delhi, 08th May 2017

Comments

Post a Comment

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

By
  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...
Post a Comment
Read more

External spillovers likely to hit India's financial system: RBI report

By
  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...
Post a Comment
Read more

Retail inflation cools to a six-year low of 2.82% in May on moderating food prices

By
  New Delhi: Retail inflation in India cooled to its lowest level in over six years in May, helped by a sharp moderation in food prices, according to provisional government data released Thursday.Consumer Price Index (CPI)-based inflation eased to 2.82% year-on-year, down from 3.16% in April and 4.8% in May last year, data from the Ministry of Statistics and Programme Implementation (MoSPI) showed. This marks the fourth consecutive month of sub-4% inflation, the longest such streak in at least five years.The data comes just days after the Reserve Bank of India’s (RBI) Monetary Policy Committee cut the repo rate by 50 basis points to 5.5%, its third straight cut and a cumulative reduction of 100 basis points since the easing cycle began in February. The move signals a possible pivot from inflation control to supporting growth.Food inflation came in at just 0.99% in May, down from 1.78% in April and a sharp decline from 8.69% a year ago.A Mint poll of 15 economists had projected CPI ...
Post a Comment
Read more