Operation Clean Money, Swachh Dhan Abhiyan, has been launched by the Income Tax Department (ITD), Government of India. It is an e-platform which includes e-verification of the large cash deposits made during the demonetization window, from November 9, 2016 to December 30, 2016.
Data analytics is being used for comparing the demonetization data with the information available in databases of the ITD. In the first batch, about 18 lakh persons have been recognized with cash transactions that do not appear in line with the profile of tax payer. It comprises all account-holders whose cash deposits did not match their earnings.
1. Online verification of the transactions that do not fall in line with tax payer’s profile has been enabled by the ITD to reduce taxpayer compliance cost while improving its resources. The data in respect of such cases are being made available in the PAN holder’s e-filing window on the web portal, located at https://incometaxindiaefiling.gov.in/
2. The PAN holders can view the information on the portal, under ‘Compliance section’ using the link ‘Cash Transactions 2016’.
3. The portal allows taxpayers to submit an online explanation for transactions without any need to visit the office of the Income Tax Department.
4. Taxpayers will receive SMS and Email for submitting response on the portal. Those who are still not registered, should register using ‘Register Yourself’ link.
5. To make it easier for taxpayers, a quick reference guide and detailed user guide is available on the portal to assist the people submitting their online response.
6. The response submitted by the taxpayers will be evaluated against the information available on the portal.
7. In case, if clarification of source of cash is found justified, the verification process will be closed. When no response from the taxpayer is found, he/she will receive a notice from the ITD or further action.
8. The verification process will be closed if the cash is declared under the Pradhan Mantri Garib Kalyan Yojna (PMGKY).