Stepping up its fight against black money, the government has pledged to handle high-risk cases through enforcement action. Finance Minister Arun Jaitley launched a website on’ Operation Clean Money with a mission to create a tax compliant society. Through the new website, the income tax department will verify all the cash transactions that were not reported post demonetisation.
Operation Clean Money portal launched with tax evaders under lens
With the launch of the new portal, enforcement action will commence in the second round of Operation Clean Money.
The Finance Minister said that as many as 91 lakh persons have come under the tax net and this number is bound to increase. He further said that after demonetisation, we have seen a hike in personal income tax collection. He said that the new portal will help honest taxpayers.
A top official from CBDT said that post demonetisation e-filing of returns have increased by 22%. He further said that as many as 17.92 lakh people have been identified for unexplained deposits and one lakh high-risk suspected cases of tax avoidance has also been detected. The high-risk cases will be dealt with appropriate enforcement actions including verification, search, survey and scrutiny.
The department has proposed three other categories – medium, low and very low risk.
Operation Clean Money portal launched
In the first phase of Operation Clean Money, that commenced on 31 January and continued until April, deposits after demonetisation were scrutinized. In this phase, the income tax department identified around 17.92 lakh individuals. Of the 17.92 lakh identified, 9.72 lakh individuals responded to SMSes and emails from the income tax department.
The second phase commenced in May. In this phase, the high-risk cases will be dealt with appropriate action. A targeted campaign for this will be launched soon.
Operation Clean Money portal will provide the complete status of taxpayers. The launch of the website will help create a tax compliant society.