Will enable citizen engagement for creating a tax compliant society and transparent tax administration, says Jaitley Operation Clean Money Phase I: 18 lakh persons identified; More than 9.72 lakh taxpayers submitted online responses for 13.33

Last date for the submission of online response extended up to 15th February, 2017. The Income Tax Department had initiated ‘Operation Clean Money’ on 31st January, 2017 for the e-verification of large cash deposits made during the period

With a view to curbing financing of terrorism through the proceeds of Fake Indian Currency Notes (FICN) and use of such funds for subversive activities such as espionage, smuggling of arms, drugs and other contrabands

The Central Board of Direct Taxes (CBDT) today launched Operation Clean Money to identify post-demonetisations deposits of large amounts. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to

The Central Board of Direct Taxes (CBDT), on Friday directed its officials to issue legal notice to tax payers who have not properly responded to the cash deposit verification under the new policy “Operation Clean

In an eight page directions issued today, the Central Board of Direct Taxes (CBDT) asked the Income Tax Officers to ensure No Show Cause notice to taxpayers under Operation Clean Money during verification process. The

As a result of demonetisation and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns(ITRs) filed. The number of  Returns filed as on 05.08.2017 stands at 2,82,92,955 as against

The undisclosed income detected in these actions was more than Rs. 5400 crore. Disclosure of information regarding law flouters/specific taxpayers is prohibited except as provided under Section 138 of the Income-tax Act, 1961. Appropriate actions

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

Extensive enforcement action by the Income Tax Department (ITD) has led to seizures worth over Rs 818 crore and detection of undisclosed income of over Rs 9,334 crore.  Impact of action visible in the increase

The Central Board of Direct Taxes (CBDT) yesterday directed the Income Tax department to scrutinize 30,000 cases of alleged tax evasion wherein the income returns or ITRs were revised by assessees post demonetization. This is

In a significant move to crackdown black money, the Income Tax department is planning to pursue those property-holders who have never filed income tax returns. The department suspects that these may be benami holdings on

The Government of India launched a concerted drive against black money with Demonetisation being an important step in that direction. Among the main objectives of Demonetisation was the flushing out of black money and also

The Central Board of Direct Taxes (CBDT), the apex policy-making body of direct taxes, has mandated the Income Tax Officials to finish the exercise of issuing notices as part of 'Operation Clean Money', to those

“The budget this year focuses on the clarity and certainty of the tax laws, while at the same time endeavoring to make the country more tax compliant and to honour the honest taxpayers. The focus