Operation Clean Money-Tax payers response. As per Status Report of ITD nearly 80% cash reported out of sales or past income/savings
The Income Tax Department on the occasion of launch of Operation Clean Money Portal by Finance Minister placed Operation Clean Money Status Report of May, 2017.
As per the status report, during the Operation Clean Money, e-verification Process Online verification of cash transactions was enabled and the information in respect of the identified cases was made available in the e filing window of the PAN holder (after log in) at the portal https://incometaxindiaefiling.gov.in. The taxpayer was able to submit online explanation without any need to visit Income Tax office. Detailed user guide, quick reference guide and Frequently Asked Question (FAQs) were published to assist the taxpayer in submitting online response.
Email and SMS were sent to the taxpayers for submitting online response on the e-filing portal. ITD also released advertisements to educate taxpayers about registration and submission of online response. There has been an encouraging response to the online verification scheme and till 12th May more than 9.72 lakh taxpayers submitted their response without visiting Income tax office. Salient features of the e-verification process are as under:
Cash Sales | 57.5% |
Cash out of earlier income or savings | 20.0% |
Other Cash Receipt | 9.6% |
Cash out of receipts exempt from tax | 4.2% |
Cash withdrawn out of bank account | 4.1% |
Loan repayment in Cash | 2.9% |
Others | 1.7% |
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