{"id":142521,"date":"2017-07-15T13:00:06","date_gmt":"2017-07-15T07:30:06","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=142521"},"modified":"2017-07-15T10:50:30","modified_gmt":"2017-07-15T05:20:30","slug":"income-tax-dept-pushes-additional-cases-of-high-cash-deposits-in-2nd-phase-of-operation-clean-money","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/07\/15\/income-tax-dept-pushes-additional-cases-of-high-cash-deposits-in-2nd-phase-of-operation-clean-money\/","title":{"rendered":"Income Tax Dept. pushes additional cases of High Cash Deposits in 2nd Phase of Operation Clean Money"},"content":{"rendered":"<p style=\"text-align: justify;\">The Income Tax Department (ITD) has used information received under the Statement of Financial Transactions (SFT) to identify 5.56 lakh new persons in the second phase of \u201cOperation Clean Money\u201d (OCM). These are persons whose tax profiles were found to be inconsistent with the cash deposits made by them during the demonetization period. Another 1.04 lakh persons who did not disclose all bank accounts during e-verification in the first phase of OCM have also been identified.\u00a0 In the first phase, 17.92 Lakh persons had been identified for e-verification of large cash deposits, of which 9.72 Lakh people had submitted online response.<\/p>\n<p style=\"text-align: justify;\">The information in respect of the cases and accounts identified has been made available in the e-filing window of the PAN holder at the portal\u00a0<u><a href=\"https:\/\/www.google.com\/url?q=https%3A%2F%2Fincometaxindiaefiling.gov.in&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNGhMMxhwZLZXcyQ-vMF5VlBfufMmA\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=https:\/\/www.google.com\/url?q%3Dhttps%253A%252F%252Fincometaxindiaefiling.gov.in%26sa%3DD%26sntz%3D1%26usg%3DAFQjCNGhMMxhwZLZXcyQ-vMF5VlBfufMmA&amp;source=gmail&amp;ust=1500115685607000&amp;usg=AFQjCNEtn8axMFDXIZntUK8MUg8KDbWDGw\">https:\/\/incometaxindiaefiling.gov.in<\/a><\/u>. The PAN holder can view the information using the link \u201cCash Transactions 2016\u201d under \u201cCompliance\u201d section of the portal. The taxpayer will be able to submit online explanation without any need to visit Income Tax office. All identified persons are being informed through Email and SMS for submitting response online.<\/p>\n<p style=\"text-align: justify;\">The following information has been communicated to promote voluntary compliance:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Details of cash deposited in bank accounts aggregating to 2 lakh or more is required to be given in the Income Tax Return (ITR). This information will be matched with the information in possession of the Income tax Department.<\/li>\n<li>The taxpayer should ensure that ITR is compliant with amount deposited in bank accounts during the period of demonetization and while computing income, the amounts so deposited are considered\/ taken into account while paying taxes.<\/li>\n<li>Cash deposits made in the above period may thus be fully and truly disclosed in the ITR.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">The Portal of Operation Clean Money\u00a0(<a href=\"https:\/\/www.google.com\/url?q=https%3A%2F%2Fwww.cleanmoney.gov.in&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNGQINIbB5wgsWAtUZcPOlaWZsCD6g\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=https:\/\/www.google.com\/url?q%3Dhttps%253A%252F%252Fwww.cleanmoney.gov.in%26sa%3DD%26sntz%3D1%26usg%3DAFQjCNGQINIbB5wgsWAtUZcPOlaWZsCD6g&amp;source=gmail&amp;ust=1500115685607000&amp;usg=AFQjCNHN7wMWNlxI2rd1cplm1hzRM890XQ\">https:\/\/www.cleanmoney.gov.in<\/a>)\u00a0launched on 16th May 2017 has the following features:<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong>Providing comprehensive information\u00a0<\/strong>at one place consisting of Step by Step Guides, Frequently asked Questions, User Guides, Quick Reference Guides and Training Toolkits related to verification process and other issues.<\/li>\n<li><strong>Enabling Citizen Engagement\u00a0<\/strong>for creating a tax compliant society where every Indian takes pride in paying taxes.\u00a0 Citizens would be able to support the operation clean money by taking pledge, contribute by engaging and educating fellow citizens, and share their experiences and provide feedback.<\/li>\n<li><strong>Enabling Transparent Tax Administration\u00a0<\/strong>by sharing status reports (including sanitized cases and explanation of verification issues) and thematic analysis reports (e.g. taxpayer segment analysis of cash deposit data).<\/li>\n<\/ul>\n<p style=\"text-align: right;\">Ministry of Finance<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Income Tax Department (ITD) has used information received under the Statement of Financial Transactions (SFT) to identify 5.56 lakh new persons <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-142521","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO 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Clean Money portal launched, will enable citizen engagement for creating a tax compliant society &#038; transparent tax administration","author":"Saba","date":"May 17, 2017","format":false,"excerpt":"The Union Minister of Finance officially launched the Portal of Operation Clean Money\u00a0(https:\/\/www.cleanmoney.gov.in)\u00a0on May 16, 2017.\u00a0The Operation Clean Money was initiated by the Income Tax Department (ITD) on the 31st January, 2017 with the launch of e-verification of large cash deposits made during 9th November to 30th December 2016. In\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102871,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/01\/31\/income-tax-department-launches-operation-clean-money\/","url_meta":{"origin":142521,"position":1},"title":"Income Tax Department launches Operation Clean Money","author":"Saba","date":"January 31, 2017","format":false,"excerpt":"The Income Tax Department (ITD) has initiated Operation Clean Money.\u00a0Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016. Data analytics has been used for comparing the demonetisation data with information in ITD databases. In the first batch, around 18 lakh\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":265880,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/25\/conditions-for-furnishing-return-of-income-by-persons-referred-in-section-139-1-introduced-vide-income-tax-ninth-amendment-rules-2022\/","url_meta":{"origin":142521,"position":2},"title":"Conditions for furnishing return of income by persons referred in section 139 (1) introduced vide Income-tax (Ninth Amendment) Rules, 2022","author":"Bhumika Indulia","date":"April 25, 2022","format":false,"excerpt":"On April 21, 2022, the Central Board of Direct Taxes (CBDT) has issued the Income-tax (Ninth Amendment) Rules, 2022 to amend Income-tax Rules, 1962. \u00a0 Key amendments: Rule 12AB dealing conditions for furnishing return of income by persons referred in section 139 (1) (a) has been inserted. Conditions for furnishing\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":266743,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/05\/12\/income-tax-fifteenth-amendment-rules-2022\/","url_meta":{"origin":142521,"position":3},"title":"Income\u2013tax (Fifteenth Amendment) Rules, 2022","author":"Bhumika Indulia","date":"May 12, 2022","format":false,"excerpt":"The Central Board of Direct Taxes notified Income\u2013tax (Fifteenth Amendment) Rules, 2022 to amend the Income-tax Rules, 1962. Key points: Rule 114BA relating to transactions for the purposes of Section 139A (1) (vii) shall be inserted: \u201c114BA. Transactions for the purposes of clause (vii) of sub-section (1) of section 139A.\u2013\u2013\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":379991,"url":"https:\/\/www.scconline.com\/blog\/post\/2026\/04\/02\/income-tax-amendment-rules-2026-changes-in-itr-forms-ay-2026-27\/","url_meta":{"origin":142521,"position":4},"title":"Income-tax Amendment Rules 2026: Key Changes in ITR Forms for AY 2026-27","author":"Kriti","date":"April 2, 2026","format":false,"excerpt":"On 30-3-2026, the Ministry of Finance notified a series of amendments to the Income-tax Rules, 1962, primarily updating various Income-tax Return (ITR) forms. These changes will apply to returns filed for Assessment Year 2026\u201427 and impact taxpayers across categories, including individuals, HUFs, firms, companies, and charitable entities.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Income-tax Amendment Rules 2026 ITR Forms","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/BLOG-2026-04-02T133736.537.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/BLOG-2026-04-02T133736.537.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/BLOG-2026-04-02T133736.537.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/04\/BLOG-2026-04-02T133736.537.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":100541,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/02\/01\/clarifications-on-taxation-and-investment-regime-for-pradhan-mantri-garib-kalyan-yojana-2016\/","url_meta":{"origin":142521,"position":5},"title":"Clarifications on Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016","author":"Saba","date":"February 1, 2017","format":false,"excerpt":"The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan\u00a0Yojana, 2016 (hereinafter \u2018the Scheme\u2019) provides an opportunity to persons having\u00a0undisclosed income in the form of cash or deposit in an account maintained with a\u00a0specified entity to declare such income and pay tax, surcharge and penalty totaling\u00a0in all to 49.9 per\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/142521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=142521"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/142521\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=142521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=142521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=142521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}