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.
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