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2
February 2017
The
first phase data from the government's "Operation Clean Money",
launched earlier this week, has revealed deposits worth lakhs of crores in old
notes made after demonetisation into accounts and are being scrutinised by
Indian tax authorities, senior officials have said.
"These
18 lakh cases even by primary data analytics we found to be glaring because
their deposits and income size are simply not matching. Number of deposits made
in these 18 lakh deposits is not a small number...its in lakhs of crores,"
Revenue Secretary Hasmukh Adhia told BTVi in an interview regarding the lakhs
of taxpayers identified by the Income Tax Department who will be served notices
seeking explanation within 10 days. The Total
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"This
is only the first phase of data that we have put in the domain of people's
e-filing account. More set of data is set to come in phases 2, 3 and 4,"
he said. The Total Investment & Insurance
Solutions
"We
would expect people will reply within 10 days. If they do not reply within 10
days, we will have to do further something about them. We had to announce it as
soon as possible because this is a matter that cannot wait," he
added. The Total Investment & Insurance
Solutions
The
initial phase of Operation Clean Money involves e-verification of large cash
deposits made during November 9 to December 30, 2016. The Total Investment & Insurance Solutions
According
to the Central Board of Direct Taxes (CBDT), data analytics has been used for
comparing the demonetisation data with information in the department's
databases.
The
information in respect of these cases will be made available in the e-filing window
of the taxpayer at the government's e-filing portal. The Total Investment & Insurance Solutions
In
this connection, CBDT Chairman Sushil Chandra told BTVi in a separate interview
that Finance Minister Arun Jaitley's taxation proposals for next year seek a
significant expansion in the tax net. The Total
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Presenting
the 2017-18 Budget in the Lok Sabha, Jaitley said he proposes to halve the
income tax for persons earning between Rs 2.5 lakh-Rs 5 lakh from the current
10 per cent.
"This
will reduce the tax liability of all persons with incomes below Rs 500,000
either to zero (with rebate) or 50 per cent of their existing liability. It has
been done to widen the taxpayer base in the lower slab to bring the non-filers
into the tax net," he said.
"Afet
demonetisation a lot of money has been deposited. Amounts of over Rs 2 lakh
have been deposited in 1 crore accounts having 70 lakh unique PAN
numbers," Chandra told BTVi.
"The
department has just launched the Clean Money Abhiyan and it is much easier for
us now to track these accounts," he added. The Total Investment & Insurance Solutions
Jaitley
in his Wednesday budget speech said that post demonetisation, deposits between
Rs 2-80 lakh had been made into 1.09 crore accounts. The Total Investment & Insurance Solutions
On
the Securities Transaction Tax (STT) at 10 per cent rate proposed by Jaitley,
the CBDT chief said it is an "anti-abuse" provision. The Total Investment & Insurance Solutions
"Earlier,
many people were not utilising the stock exchange channel to buy shares to
avoid paying tax," he said. The Total
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Jaitley
has now prposed that long-term capital gains tax exemption be available only if
STT has been paid both at time of acquisition, as well as divestment, of
shares.The Total Investment & Insurance
Solutions
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