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        91 lakh persons come under tax net post note ban: FM

        May 17, 2017

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        New Delhi, May 16 (PTI) The number of persons under the tax net has increased by 91 lakh as unaccounted cash lost anonymity post note ban, Finance Minister Arun Jaitley said today.

        Launching a new website on 'Operation Clean Money', a programme to bring illegal wealth on books, he said 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 instilled (rpt) instilled.

        Stating that as many as 91 lakh persons have come under the tax net, Jaitley said he expects further increase in tax returns going ahead.

        Post demonetisation, there has been a hike in collection of personal income tax, the finance minister said, adding that the new portal will help honest tax payer.

        CBDT Chairman Sushil Chandra 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.

        He also said that an undisclosed income of ₹ 16,398 crore was identified post demonetisation.

        "We 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," Chandra said.

        Of the 17.92 lakh, so far 9.72 lakh individuals responded to SMSes and e-mails sent by the income tax department.

        Tax compliance drive expanded as data matching and digital verifications brought unexplained cash holdings into the tax net. Demonetisation led tax authorities to identify persons whose cash transactions diverged from their tax profiles and to deploy data driven matching, targeted SMS and email verifications, and an online portal to regularise unexplained deposits and collect undisclosed income.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Tax compliance drive expanded as data matching and digital verifications brought unexplained cash holdings into the tax net.

                                Demonetisation led tax authorities to identify persons whose cash transactions diverged from their tax profiles and to deploy data driven matching, targeted SMS and email verifications, and an online portal to regularise unexplained deposits and collect undisclosed income.





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                                ActsIncome Tax
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