Income Tax Department (ITD) Launches Operation Clean Money (Download PDF)

()

Download PDF of This Page (Size: 304.79 K)

Income Tax Department (ITD) has initiated Operation Clean Money (Swachh Dhan Abhiyan). Some of whose income profiles did not match amounts deposited. 18 lakh account holders will be asked to explain the source of their funds.

ITD has initiated Operation Clean Money

ITD Has Initiated Operation Clean Money

ITD has initiated Operation Clean Money

Highlights

  • The chairman of Central Board of Direct Taxes (CBDT) is Sushil Chandra.
  • Operation Clean money is e-platform to analyze large cash deposits made during demonetization in between 9 November to 30 December 2016.
  • E-verification of large cash has been done using data analytics for comparing demonetization data with information in ITD databases.
  • In first batch of operation, around 18 lakh persons have been identified in whose case, cash transactions do not appear to be in line with tax payer’s profile.
  • It comprises account-holders whose deposits did not match their incomes, as per data with the IT department, will be alerted on their e-filing portals.
  • IT department has sent emails and phone text messages to these accountant holders to seek their explanation about source of funds and a response within 10 days.
  • In absence of a response, they will receive a notice from tax department or further action.
  • The verification will also be closed if cash deposit is declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY).

About Income Tax Department (ITD)

  • The Income Tax Department (ITD) is responsible for collecting Direct Taxes and administering the Income Tax Law and other direct tax statutes for Government of India.
  • ITD has offices in 566 cities and towns across India and has around 55, 000 employees.
  • The field offices of the ITD are monitored by the Central Board of Direct Taxes (CBDT).
Organisation Structure of ITD

Organisation Structure of ITD

Organisation Structure of ITD

Directorates in Income Tax Department

  • Directorate of Vigilance
  • Directorate of Inspection
  • Directorate of Income-tax
  • Directorate of Inspection
  • Directorate of Recovery
  • Directorate of Income-tax
  • Directorate of Organisation & Management Services
  • Directorate of Income-tax
  • National Academy of Direct Taxes
Directorates in Income Tax Department

Directorates in Income Tax Department

Directorates in Income Tax Department

- Published/Last Modified on: March 17, 2017

Govt. Schemes/Projects

Monthy-updated, fully-solved, large current affairs-2019 question bank(more than 2000 problems): Quickly cover most-important current-affairs questions with pointwise explanations especially designed for IAS, NTA-NET, Bank-PO and other competetive exams.