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Saturday, 15 July 2017
Income Tax Department pushes additional cases of High Cash Deposits in Second Phase of Operation Clean Money
Press Information Bureau
Government of India
Ministry of Finance
Income Tax Department pushes additional cases of High Cash Deposits in
Second Phase of Operation Clean Money.
The Income Tax
Department (ITD) has used information received under the Statement of Financial
Transactions (SFT) to identify 5.56 lakh new persons in the second phase of
“Operation Clean Money” (OCM). These are persons whose tax profiles were found
to be inconsistent with the cash deposits made by them during the
demonetization period. Another 1.04 lakh persons who did not disclose all bank
accounts during e-verification in the first phase of OCM have also been
identified. In the first phase, 17.92 Lakh persons had been identified
for e-verification of large cash deposits, of which 9.72 Lakh people had
submitted online response.
The information in
respect of the cases and accounts identified has been made available in the
e-filing window of the PAN holder 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. All identified
persons are being informed through Email and SMS for submitting response
information has been communicated to promote voluntary compliance:
· Details of cash deposited in bank accounts aggregating to 2
lakh or more is required to be given in the Income Tax Return (ITR). This
information will be matched with the information in possession of the Income
· The taxpayer should ensure that ITR is compliant with amount
deposited in bank accounts during the period of demonetization and while
computing income, the amounts so deposited are considered/ taken into account
while paying taxes.
· Cash deposits made in the above period may thus be fully
and truly disclosed in the ITR.
· Providing comprehensive information at one
place consisting of Step by Step Guides, Frequently asked Questions, User
Guides, Quick Reference Guides and Training Toolkits related to verification
process and other issues.
· Enabling Citizen Engagement for creating a tax
compliant society where every Indian takes pride in paying taxes.
Citizens would be able to support the operation clean money by taking pledge (इमानदारीकाउत्सव), contribute by engaging and educating fellow citizens (जनभागीदारी), and share their experiences and
provide feedback (सुखदअनुभव).
· Enabling Transparent Tax Administration by
sharing status reports (including sanitized cases and explanation of
verification issues) and thematic analysis reports (e.g. taxpayer segment
analysis of cash deposit data).