Income Tax Department (ITD) launches Operation Clean Money
Income Tax
Department (ITD) has initiated Operation Clean Money, today. Initial phase of the
operation involves e-verification of large cash deposits made during 9th November to 30th
December 2016. Data analytics has been used for comparing the demonetisation data with
information in ITD databases. In the first batch, 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.
ITD has enabled online verification of these transactions to
reduce compliance cost for the taxpayers while optimising its resources. The information
in respect of these cases is being made available in the e-filing window of the PAN holder
(after log in) at the portal https://incometaxindiaefiling.gov.in. The PAN holder can view
the information using the link “Cash Transactions 2016” under "Compliance" section of the
portal. 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. Taxpayers who are not yet registered on
the e-filing portal (at https://incometaxindiaefiling.gov.in) should register by clicking
on the ‘Register Yourself’ link. Registered taxpayers should verify and update their email
address and mobile number on the e-filing portal to receive electronic communication.
A detailed user guide and quick reference guide is available on the portal to
assist the taxpayer in submitting online response. In case of any difficulty in submitting
on line response, help desk at 1800 4250 0025 may be contacted.
Data
analytics will be used to select cases for verification, based on approved risk
criteria. If the case is selected for verification, request for additional
information and its response will also be communicated electronically. The information on
the online portal will be dynamic getting updated on receipt of new information, response
and data analytics.
The response of taxpayer will be assessed against
available information. In case explanation of source of cash is found justified, the
verification will be closed without any need to visit Income Tax Office. The verification
will also be closed if the cash deposit is declared under Pradhan Mantri Garib Kalyan
Yojna (PMGKY).
The taxpayers covered in this phase should submit their
response on the portal within 10 days in order to avoid any notice from the ITD and
enforcement actions under the Income-tax Act as also other applicable laws.
PIB
