The
Income Tax Department (ITD) has used information received under the Statement
of Financial Transactions (SFT) to identify 5.56 lakh new persons in the second
phase of “Operation Clean Money” (OCM). These are persons whose tax profiles
were found to be inconsistent with the cash deposits made by them during the
demonetization period. Another 1.04 lakh persons who did not disclose all bank
accounts during e-verification in the first phase of OCM have also been
identified. In the first phase, 17.92 Lakh persons had been identified
for e-verification of large cash deposits, of which 9.72 Lakh people had
submitted online response.
The information in respect of the cases and accounts identified
has been made available in the e-filing window of the PAN holder 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. All identified
persons are being informed through Email and SMS for submitting response
online.
The following information has been communicated to promote
voluntary compliance:
· Details
of cash deposited in bank accounts aggregating to 2 lakh or more is required to
be given in the Income Tax Return (ITR). This information will be matched with
the information in possession of the Income tax Department.
· The
taxpayer should ensure that ITR is compliant with amount deposited in bank
accounts during the period of demonetization and while computing income, the
amounts so deposited are considered/ taken into account while paying taxes.
· Cash
deposits made in the above period may thus be fully and truly disclosed in the
ITR.
The Portal of Operation Clean
Money (https://www.cleanmoney.gov.in) launched
on 16th May 2017 has the following features:
· Providing
comprehensive information at one place consisting of Step by Step
Guides, Frequently asked Questions, User Guides, Quick Reference Guides and
Training Toolkits related to verification process and other issues.
· Enabling
Citizen Engagement for creating a tax compliant society where every
Indian takes pride in paying taxes. Citizens would be able to support the
operation clean money by taking pledge (इमानदारी का उत्सव), contribute by
engaging and educating fellow citizens (जन भागीदारी), and share their
experiences and provide feedback (सुखद अनुभव).
· Enabling
Transparent Tax Administration by sharing status reports (including
sanitized cases and explanation of verification issues) and thematic analysis
reports (e.g. taxpayer segment analysis of cash deposit data).
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DSM/SBS/KA