Operation clean money – Government launches another weapon to fight black money

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The Centre government has added another weapon to its arsenal against black money. On Tuesday, the government launched a website called “Operation clean money” which will tighten the screws on tax evaders and will help those who pay their tax with honesty. Since last November government has taken its fight against black money to a new level with the implementation of demonetization. Since then the government has taken a number of steps to curb black money.

The Union Finance Minister, Mr. Arun Jaitley inaugurated the website and said that the new website will help those who pay their taxes honestly. He also warned those who are evading their taxes saying that it is not safe anymore to deal with tax-evaded money and excessive cash.

Mr. Jaitley said that as the result of demonetization of higher currency notes taken by the government, the nation is moving towards digitization. It has instilled fear in the hearts of people who deals in excessive cash and as a result, the tax revenue has increased. He further said that the time has come to keep a close check on those who evade their taxes. The government intends to change the habit of people from non-tax compliant to tax compliant.

He told that more than 91 lakhs persons are under the tax net now and he expects a further increase in tax returns as the plan goes ahead.

Central Board of Direct Taxes (CBDT) has designed the web portal which will identify those people who have made huge deposits or purchases and which are not in line with declared income.

The CBDT chairman, Sushil Chandra revealed that they have identified undisclosed income of Rs 16,398 crore post demonetisation. He also said that the e-filed returns have grown by 22 percent post demonetization. In the first round, the government has identified around 18 lakh people in whose case the cash transactions does not appear to be in line with the profile of the taxpayer. CBDT is doing online verifications of these transactions. It has also identified about one lakh cases of suspected tax avoidance.

he CBTD has allowed online verification of such transactions in order to reduce compliance cost for the honest taxpayers while optimizing its resources. You can find the information in respect of these cases in the e-filing window of the PAN holder at the web portal.

The PAN card holder can have access to the information through the link “Cash Transactions 2016” which is under the under “Compliance” section of the portal. The taxpayer can submit the online explanation without any need to go to the Income Tax office.

The tax department will send Emails and SMS to the taxpayers asking them to submit an online response on the e-filling portal. The taxpayers need to register themselves on the portal.

The second phase of the operation will scan such individuals who have made high-value transactions. Based on data analytics, the CBDT has identified more than 60,000 such cases.

The income tax department has sent emails and SMS’s to about 18 lakh persons asking them to explain the details of their deposits. Around 10 lakh persons have replied to the messages so far.

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