1. CBDT sets goals to identify black money hoarders

CBDT sets goals to identify black money hoarders

Continuing with its focus on identifying black money hoarders, the Central Board of Direct Taxes (CBDT) has issued a set of goals to be achieved for the April-June period of the current financial year.

By: | New Delhi | Published: April 19, 2017 3:54 AM

Continuing with its focus on identifying black money hoarders, the Central Board of Direct Taxes (CBDT) has issued a set of goals to be achieved for the April-June period of the current financial year. The policy-making body of the income tax department has written to all principal commissioners with a list of deadlines that includes identifying cash deposits in banks under ‘Operation Clean Money’ by May 31.

Additionally, the communique also wants the department to dispose all pending cases related to demonetised currency deposited in accounts not linked with the permanent account number (PAN) by June 30. Under the current quarter action plan, the department would clear all the pending cases at the start of the fiscal. The quarterly goal-setting is an annual exercise in the IT department.

“This shows that the government means business and is going all out to get master data around cash deposits but as always, honest taxpayers may also get notices and would need to withstand this onslaught,” Rajiv Chugh, Tax Partner, EY India said.

Launched on January 31, Operation Clean Money sought to use data analytics to identify large cash deposit during the demonetisation period and match the same with income tax return profiles of the depositors. In the initial phase, around 18 lakh persons had been identified for a mismatch between deposits and taxpayer’s profile. Currently, the process of assessing the illegality in such deposits is underway.

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