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Mumbai, May 17: Continuing the offensive of tax evaders, Union Finance Minister Arun Jaitley on Tuesday launched the Operation Clean Money Portal that is aimed to provide comfort to the tax-compliant masses and to identify those that are evading taxes and to bring them to books. Jaitley addressed the media and said that cash transactions through ill-gotten or tax evaded money have become difficult post-demonetisation, due to increased digitisation.
IANS quoted Jaitely as telling the press on Tuesday, “After demonetisation, following the various steps taken by Central Bureau of Direct Tax, money from tax evasion is not safe. Detection has become very easy. Technology is a big enabler. From various cross-references it can be found out how money has moved. Those who have been indulging in all these are no longer fine.”
A press release by the Ministry of Finance laid down the salient features of the Operation Clean Money website as the following:
1. Providing Information: The portal has comprehensive information, not just about Operation Clean Money, but also about the steps taken by the government to stop tax evasion, with a timeline of the events since the launch of the OCM. The platform also has a step-by-step guide to filling out SFT (Statement of Financial Transaction), user guides, frequently asked questions and Quick Reference Guides and Training Toolkits for verification process and other issues.
2. Engagement of the common man: The OCM website has provisions for taking the Clean Money pledge and actively contributing towards this mission of the government, by educating fellow citizens, sharing experiences and providing feedback.
3. Encouraging Transparency in Tax Administration: The website is also meant to increase transparency between the government and tax payers. The status reports of the mission will be shared and updated on the website, along with thematic reports, analyzing, for example, share of cash deposits for various taxpayer and business segments.
Operation Clean Money was launched by the Income Tax Department (ITD) on January 31, 2017, with the launch of e-verification of large cash deposits made during 9th November to 30th December 2016. The government had identified 18 lakh people, whose cash transactions did not tally with their tax payer’s profile, in the first phase of the Operation.
Up until May 12, 2017, 9.72 lakh taxpayers have submitted their responses through the online verification process, without visiting the Income Tax office, revealed the Finance Ministry press release. It also said that the online responses for 13.33 lakh accounts involving cash deposits amounting to Rs 2.98 lakh crore have been analysed by the government, that has assured no penal action if the people involved are able to give satisfactory explanation about the money. Over 5 lakh new cases have also been identified for e-verification, said the government data.
For more information about the Operation, visit www.cleanmoney.gov.in.
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