Operation Clean Money: 14,000 properties of Rs 1 crore each under I-T scanner

Agencies
September 1, 2017

New Delhi, Sept 1: The Income Tax department on Thursday said that about 14,000 properties worth over Rs 1 crore each are under its scrutiny as their owners have not filed income returns.

In a statement detailing the impact of demonetisation of old Rs 500 and Rs 1,000 notes on black money, it said 'Operation Clean Money' was launched on January 31 to analyse data of persons who deposited large sums of cash post note- ban, with no previous matching returns of income.

While Rs 15,496 crore was admitted as undisclosed income, surveys resulted in seizure of Rs 13,920 crore.

The I-T department statement follows the government defending demonetisation after the RBI data showed on Wednesday that almost all the Rs 15.44 lakh crore junked currency notes were returned to the banking system.

The government said the deposits had ended anonymity and helped fix liabilities for the money.

In the first phase of Operation Clean Money exercise, data analytics was used to identify 18 lakh suspect cases where cash transactions did not appear to be in line with the tax profile of depositors, I-T department said.

Online verification was done in a record time of four weeks, it said.

Using data analytics, 13.33 lakh accounts of some 9.72 lakh persons with unusual cash deposits of around Rs 2.89 lakh crore was identified and response sought.

The resource was captured "within a short span of 3-4 weeks," the statement said, without saying how many of them were genuine deposits and how many were unaccounted money.

It also did not give details of tax collected on unaccounted money.

The Operation Clean money has since moved into the next phase that "includes enforcement actions in high risk cases, taxpayer engagement through a dedicated website in medium risk cases and close monitoring in low risk cases.

"The exercise has also unearthed large number of persons and clusters having suspect transactions. These include about 14,000 properties of more than Rs 1 crore each where persons have not even filed Income Tax Returns.

"The investigations are in progress," the statement said.

The high, medium and low risk cases have been identified through the use of advanced data analytics, including integration of data sources, relationship clustering and fund tracking.

After note ban, there has been 158 percent increase in number of searches (from 447 to 1,152 groups) and more than doubling of seizures to Rs 1,469 crore from Rs 712 crore.

There also has been 38 percent increase in admission of undisclosed income (from Rs 11,226 crore to Rs 15,496 crore), it said.

Surveys jumped near three-fold to 12,520 and there was 44 percent increase in undisclosed income detected (from Rs 9,654 crore to Rs 13,920 crore).

The department said the number of e-returns of individual taxpayers filed till due date of August 5, 2017 increased to 2.79 crore from 2.22 crore returns filed during the corresponding period of last year.

"This shows marked improvement in the level of voluntary compliance as a result of action taken by the Income Tax Department on the basis of data of cash deposits in the wake of demonetisation," it said.

The total number of all returns (electronic plus paper) filed during the entire financial year 2016-17 was 5.43 crore which is 17.3 percent more than the returns filed during FY 2015-16.

For 2016-17, 1.26 crore new taxpayers (return filers plus non-filers making tax payments) were added to the tax base (till June 30, 2017).

"The effect of demonetisation is also clearly visible in the growth in direct tax collections.

Collection of Advance Tax under Personal Income Tax showed a growth of about 41.79 percent over the corresponding period in 2016-2017.

"Collection of Self Assessment Tax under Personal Income Tax showed a growth of 34.25 percent," it added.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 19,2020

New Delhi, Apr 19: With 1,334 fresh cases of coronavirus reported in the last 24 hours, the total number of confirmed cases of COVID-19 in India has reached 15,712 including 507 deaths, said Lav Aggarwal, Joint Secretary, Health and Family Welfare, here on Sunday.

As many as 2,231 people have recovered from the disease so far, said Aggarwal during the daily media briefing on the coronavirus. "This equals 14.1 per cent of the total cases," he added.

"A total of 15,712 confirmed cases have been reported in India including 507 deaths and 2,231 people, who were COVID-19 positive, have recovered. Out of the total deaths, 27 deaths have been reported in the last 24 hours," said Aggarwal.

The Joint Secretary said that no new case was reported in Mahe in Puducherry and Karnataka's Kodagu in the last 28 days.

"A total of 54 other districts beside these two in 23 States/Union Territories did not report any cases in the last 14 days," he said.

He informed that there are 755 dedicated COVID-19 hospitals and 1,389 dedicated health care centres in the country, which takes the total dedicated facilities where severe or critical patients can be treated to 2,144.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 9,2020

Panaji, Feb 9: Archbishop of Goa and Daman, Rev Filipe Neri Ferrao, has urged the central government to "immediately and unconditionally revoke the Citizenship Amendment Act" and stop quashing the "right to dissent".

He also appealed to the government not to implement the proposed countrywide National Register of Citizens (NRC) and the National Population Register (NPR).

Diocesan Centre for Social Communications Media, a wing of the Goa Church, in a statement on Saturday said, "The Archbishop and the Catholic community of Goa would like to appeal to the government to listen to the voice of millions in India, to stop quashing the right to dissent and, above all, to immediately and unconditionally revoke the CAA and desist from implementing the NRC and the NPR."

The CAA, NRC and NPR are "divisive and discriminatory" and will certainly have a "negative and damaging effect" on a multi-cultural democracy like ours, the church said.

There is serious concern that NRC and NPR will result in "direct victimisation of the underprivileged classes, particularly Dalits, adivasis, migrant labourers, nomadic communities and the countless undocumented people who, after having been recognised as worthy citizens and voters for more than 70 years, will suddenly run the risk of becoming stateless and candidates for detention camps," it said.

There has been widespread discontent and open protests throughout the country and even abroad against the CAA, NRC and NPR, which are "forecasting a systematic erosion of values, principles and rights" that have been guaranteed to all citizens in the Constitution, the release said.

Eminent citizens, including top intellectuals and legal luminaries, have taken a studied and unequivocal stand against the CAA, NRC and NPR, it noted.

Goa also witnessed several protests, which transcended the confines of religious and caste affiliation and brought people from all walks of life together on one united platform, said the statement.

It said Christians in India have always been a peace-loving community and deeply committed to the ideals of justice, liberty, equality and fraternity, enshrined in the Constitution.

"We have always taken great pride that our beloved country is a secular, sovereign, socialist, pluralistic and democratic republic," the church said.

The very fact that CAA uses religion goes against the secular fabric of the country, it said. "It goes against the spirit and heritage of our land which, since times immemorial, has been a welcoming home to

all, founded on the belief that the whole world is one big family," the church said.

"We pray for our beloved country, that good sense, justice and peace prevail in the hearts and minds of all," it added.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 16,2020

New Delhi, Mar 16: Reliance Group Chairman Anil Ambani has been summoned by the ED in connection with its money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday.

They said Ambani was asked to depose at the Enforcement Directorate office in Mumbai on Monday as his group companies are among the big entities whose loans went bad after borrowing from the crisis-hit bank.

The officials said Ambani, 60, has sought exemption from appearance on some personal grounds and he may be issued a new date.

Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPAs.

Finance Minister Nirmala Sitharaman had said in a March 6 press conference that the Anil Ambani Group, Essel, ILFS, DHFL and Vodafone were among the stressed corporates Yes Bank had exposure to.

Officials said promoters of all the big companies who had taken large loans from the beleaguered bank which later turned bad are being summoned for questioning in the case to take investigation forward.

Ambani's statement will be recorded under the Prevention of Money Laundering Act (PMLA) upon deposition, they said.

Kapoor, 62, is at present in ED custody after he was arrested by the central probe agency early this month.

The ED has accused Kapoor, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later turned NPA.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.