Home / Initiatives / Center / Income Tax Department launches Operation Clean Money

Income Tax Department launches Operation Clean Money

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 Facts

  • 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).

Source: gktoday.in

Check Also

Bridging the gap between Institutes and Industry : Multiplier Grant Scheme

Innovation is the key for every nation who is in developing stage. To get the ...

Leave a Reply

Your email address will not be published. Required fields are marked *