Operation Clean Money 2.0: Income Tax Department Raid Over Black Money

The government along with income tax department is now taking some strict actions against all the doubtful account holders showing and in the same league, in an offer to clip down on unaccounted money piped into bank accounts post demonetisation, the tax office has examined and coordinated upwards of 1-crore accounts and requested that 18 lakh individuals clarify the wellspring of reserve.

The IT department totalled the issue and one of the officers told that “We have initially matched 1-crore accounts with the profile in our database and identified 18 lakh people with suspicious deposits of over Rs 5 lakh. We will expand the scope of data analytics further and match the profiles with our database.”

According to I-T records, there are 3.65 crore people who documented income tax returns. Additionally, there are more than 7 lakh organizations, 9.40 lakh Hindu Undivided Families (HUFs) and 9.18 lakh firms who recorded ITRs amid Assessment Year 2014-15. The tax office has run huge information investigation through more than 1-crore accounts in its information bank and done coordinating with the taxpayer profile of the holder.

Read Also: What is IT Dept ‘e-nivaran’ Scheme and How it Works?

I-T division is examining all classifications of accounts and will convey more SMS/messages for suspicious stores under ‘Operation Clean Money‘. Likewise, more than 25 crores zero-adjust Jan Dhan accounts were opened as a major aspect of the budgetary incorporation drive.

The income tax department made it very clear by the statement that, “If the department is convinced with the reply of the assessee, the case will be closed and that will be communicated by SMS and email. But, in the case of unsatisfactory reply, the decision to issue notice will be taken by Assistant Commissioner and Commissioner rank officers.”

With a specific end goal to diminish provocation of taxpayers, the income division has commanded just officers in the rank of Assistant Commissioners or more to issue sees in the event of inadmissible reaction got about bank stores post demonetisation. Under ‘Operation Clean Money’ propelled by the Income Tax office on January 31, the division has sent SMS and messages to 18 lakh individuals who have made suspicious stores of Rs 5 lakh or more between November 10 and December 30.

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It has likewise asked taxpayers to e-verify the stores they made in their accounts present demonetisation and react on inquiries of any confuse on the tax e-filing entry. The office has utilised information investigation for examination of stores settled on after the November 8 choice to scrap high-esteem banknotes with data in its database to recognise taxpayers whose money exchanges don’t seem, by all accounts, to be in accordance with the tax-paying profile. The source additionally said individuals who have gotten questions from the tax office about their stores while answering in the e-filing site can likewise offer their comments on the off chance that it was their trade out a hand.

The soft part of the income tax hassle is that “If the cash in hand is as per the balance sheet, no questions will be asked and the case would be closed. We have put enough safeguard to ensure that there is no harassment to taxpayers.” as mentioned by one of the senior officers to ensure that there will no wrong judgement in the purview of the assessee.

And again in the league of catching the black money hoarders, the Income Tax department has brought the second phase of ‘Operation clean money’. The IT department is in the quest to find the money piles which was active in the days of demonetization and has deposited a lot of money in the banks through various channels. The department will also try to nab all the communication sources between the time period after demonetization to locate the point of origin.

The demonetization move led to 4.5 lakh crore under verification, while the department has thought to hire two analytic firms, which will analyze all the data post demonetisation i.e. 8 November 2016. The responsibility of the firm analytics will be that to find out any mismatch after the post demonetisation, to dig out any mismatch for the abnormal Income tax returns, tallying the previous year’s data of the assessed, and to match with the tax return. The ‘Operation clean money’ is very much likely to grab the black money hoarders by which the government is making a way towards a safer tax economy in the country.

The IT department has now started to probe against all the deposits being done within the time period of demonetisation and to change the banned currency over the bank counters. The IT department has sorted out the list of around 60 thousand depositors who made a deposit of INR 5 to INR 10 lakh into the bank account. The data analysis has shown up as many cases of huge deposit being made and the authority Central Board of Direct Taxes (CBDT) has started to collect the data and will send the notice to all the depositors.

In a recent crackdown, the IT department is searching for valid excused from the property owners who have not deposited there income tax on properties. It is according to the sources, that there are around 14 thousand properties which are worth of INR 1 crore or more under the inspection of income tax department.

These findings are of IT department who have also maintained the taxpayers and their actions through a close monitoring system via online tools and resources.

Finance Ministry Launched Dedicated Website

The government has again put one step ahead in curbing the black money spread across the nation by introducing a digital portal ‘Operation Clean Money’ to manage the compliance cost of the taxpayers who are been asked for an online verification for the transactions in suspicion.

The website ‘Operation Clean Money’ will be inaugurated by Honorable Union finance minister Arun Jaitley at national capital New Delhi. The motive of the operation clean money is cleared from its intentions to interrogate all the bank deposits made in a large sum after the demonetization drive by the prime minister Narendra Modi on 8 November 2016.

The portal will be used as an intermediary on which the taxpayers in question can submit their response to terms with suspicious transactions carried out after the demonetization. In the chance of failure, the Income-tax department will be probing into the matter and will be concerned with the taxpaying history of the accused in a strict manner.