FM Arun Jaitley launches 'Operation Clean Money portal'

FM Arun Jaitley launches Updated on : 16-05-2017 09:48 PM
In yet another effort to tab dishonest citizens hiding their income to the authorities, government has launched Operation Clean Money Portal https://www.cleanmoney.gov.in.


The portal designed by the Central Board of Direct Taxes (CBDT) will identify those who have made large deposits or purchases and which are not in line with declared income as a follow-up to Operation Clean Money.

Finance Minister Arun Jaitley said that through data mining, the government has been able to unearth an additional 91 lakh tax deposits. He also said the new website will help honest tax payers.

The department is looking to keep on e-assessment to keep human interaction to the minimum. The portal will facilitate communication between individuals and tax authorities via permanent account number (PAN).

The taxpayer will be able to submit online explanation without any need to visit Income Tax office. Email and SMS will also be sent to the taxpayers for submitting online response on the e-filing portal. Data analytics will be used to select cases for verification, based on approved risk criteria.

In the first batch of Operation clean money around 18 lakh persons have been identified in whose case, cash transactions do not appear to be in line with the tax payer's profile. As the government cracked whip against black money undisclosed income of Rs 16,398 crore has been identified post demonetisation. Besides 91 lakh new taxpayers have been added post-demonetisation. Meanwhile government has also allocated Rs 30 crore plus PAN.

The second phase of Operation Clean Money will focus on high-risk individuals who made high value transactions and will be subject to detailed investigations. The department has already identified more than 60,000 such persons, based on data analytics.

(SA - @16/05)

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FM Arun Jaitley launches

FM Arun Jaitley launches 'Operation Clean Mon...

Updated on : 16-05-2017 09:48 PM
In yet another effort to tab dishonest citizens hiding their income to the authorities, government has launched Operation Clean Money Portal https://www.cleanmoney.gov.in.
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