Not safe to deal with excessive cash says Govt as Operation Clean Money website is launched
Continuing its fight against black money, the government on Tuesday launched a website Operation Clean Money. The new website will help honest tax payers, Union Finance Minister Arun Jaitley said inaugurating the website.
It is no longer to deal with excessive cash and tax evaded money, Jaitley also said. He also said that the fallout of the November 8 decision to demonetise higher denomination currency has increased movement towards digitisation, number of assessees going up and tax revenue jumping as also fear of dealing in cash being installed.
91 lakh persons have come under the tax net, Jaitley said while adding that he expected further increase in tax returns going ahead.
Sushil Chandra, the Central Board of Direct Taxes chairman said Undisclosed income of Rs 16,398 crore has been identified post demonetisation.
He also said there was 22 per cent growth in e-filed returns post demonetisation. As many as 17.92 lakh people were identified for unexplained deposits post demonetisation, he said, adding the tax department has identified one lakh suspected tax avoidance cases.
Chandra further said that they had identified around 17.92 lakh persons in whose case the cash transactions did not appear in line with the taxpayers' profiles. And online verifications of these transactions are underway.