Operation Clean Money: Income Tax department puts 60,000 people under radar

Operation Clean Money

Operation Clean MoneyAs we all know, black money and corruption is on the great pace. Therefore, Operation Clean Money will be implemented under which income tax department puts 60,000 people under radar.  Well, we all must be familiar that, Indian prime minister, Mr. Narendra Modi had also taken a great step for introducing new notes of Rs 500 and Rs 2000 to curb black money. But still there are various people having black money and had not been identified till now. So, the income tax department had decided to introduce this operation.

These individual had been acknowledged for the excessive cash investigation they had kept during time of demonetization. Moreover, over 6000 huge property dealings and 6600 transactions of apparent alimony will also be liable for the detailed observations. In case, if no feedback is obtained, then they will be compiled with detail enquirers as per the government statement.

Operation Clean Money

However, on Friday, the IT department will commenced their proceedings for investigation of those 60,000 people to discover the generation and sources of black money. Also, CBDT, (the central board of direct taxes) said in their official statements “we had encountered the unrevealed amounts of more than Rs 9,334 core during November 2016 till February 2017.”

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Income Tax department puts 60,000 people under radar

In 2016, on 8 November, Mr. Narendra Modi had declared regarding the banned on notes with the introduction of new rupees. As per the statement of senior officer, superior data analytics will be utilize to detect the deposition of cash before introducing the operation clean money. On 31 January 2017, the first segment of this operation had been launched; the income tax department had post the grievances online and examined nearly 17.92 lakh individuals with the response of around 9.46 lakh.

Operation Clean Money Income Tax

The first segment of this operation comprises of authentication of amount that had been deposited in the bank. All this process was carried out online and the people who had enrolled into these cash transactions had not come into view with their personal tax profiles. Due to demonetization, some opportunities were being developed and used by the department of income tax for enlarging the tax base and to curb the sources and of black money from its roots in our economy.

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