The Income Tax Department (ITD) launched Operation Clean Money (Swachh Dhan Abhiyan), an e-platform to analyse large cash deposits made during the demonetisation window (9 November to 30 December 2016).
Under it, e-verification of large cash has been done using data analytics for comparing the demonetisation data with information in ITD databases.
Key Points
In the first batch of the operation,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.
It comprises account-holders whose deposits did not match their incomes, as per data with the IT department, will be alerted on their e-filing portals.
IT department has sent emails and phone text messages to these accountant holders to seek their explanation about the source of funds and a response within 10 days.
In absence of a response, they will receive a notice from the tax department or further action.
The verification will also be closed if the cash deposit is declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY).
Current Affairs 31st January, 2017 Current Affairs Round Up Bullet Points, December, 2016
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