Union Finance Minister Arun Jaitley said that it is no longer safe to deal with excessive cash and its evasion, while launching “Operation Clean Money”on Tuesday.
Jaitley also stated that personal income tax filing has gone up after demonetisation and as many as 91 lakh people have come under the tax net as unaccounted cash lost anonymity post demonetisation.
This online portal will identify those who have made large cash deposits post demonetisation during 9th November to 30th December 2016. “In the first batch, around 18 lakh persons have been identified in whose case, cash transactions do not appear to be in line with the tax payer’s profile”, said a press release issued by the Ministry of Finance.
“Income Tax Department has enabled online verification of these transactions to reduce compliance cost for the taxpayers while optimising its resources. The information in respect of these cases is being made available in the e-filing window of the PAN holder (after log in) at the portal http://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,” the release read.
Further, taxpayers will receive email and SMS for submitting online response on the e-filing portal. A detailed guide has also been made available on the portal to assist the taxpayer in submitting online response.
“The response of taxpayer will be assessed against available information. In case explanation of source of cash is found justified, the verification will be closed without any need to visit Income Tax Office. The verification will also be closed if the cash deposit is declared under Pradhan Mantri Garib Kalyan Yojna,” the release said.