The Minister of Finance, Arun Jaitely, has officially launched “Operation Clean Money”, an online portal providing comprehensive information at one place to enable citizen engagement for creating a tax compliant society and transparent tax administration.
The Operation Clean Money was initiated by the Income Tax Department (ITD) on the January 31, 2017 with the launch of e-verification of large cash deposits made during November 9 to December 30, 2016, Bureaucracy Today has learnt.
During its first phase, around 18 lakh persons were identified in whose case, cash transactions did not appear in line with the tax payer’s profile.
The Ministry said that there has been an encouraging response to the online verification process and more than 9.72 lakh taxpayers submitted their response without visiting Income tax office up to May 12, 2017.
Now in the Phase II of the Operation Clean Money, the Ministry said the high risk cases will be handled by selecting appropriate enforcement action (verification, search, survey, scrutiny). A targeted campaign will also be initiated in cases with identified risk issues.
The ITD has on-boarded two specialised data analytics agencies and a business process management agency to augment departmental capability in analyzing large volumes of cash deposit data, track the compliance status of taxpayers and reporting entities.