1. Black money fight: FM Arun Jaitley launches ‘Clean Money’ website, promotes voluntary compliance

Black money fight: FM Arun Jaitley launches ‘Clean Money’ website, promotes voluntary compliance

Finance Minister Arun Jaitley launched another significant effort of the NDA government to target black money by launching 'Clean Money' website today. It is no longer safe to deal with excessive cash," said FM Jaitley.

By: | Updated: May 16, 2017 6:49 PM
arun jaitley clean money, arun jaitley black money, arun jaitley, finance minsitry, finance minsitry demonetiation, Speaking to the press about the new website, the Finance Minister Arun Jaitley said that the Black Money Portal had been launched to help the honest tax payer.(PTI)

Finance Minister Arun Jaitley launched another significant effort of the NDA government to target black money by launching ‘Clean Money’ website today. It is no longer safe to deal with excessive cash,” said FM Jaitley. Speaking to the press about the new website, the Finance Minister said t that the Black Money Portal had been launched to help the honest tax payer. He said that people should expect a further increase in tax returns going ahead.

The Finance Minister also spoke about how demonetisation had helped the nation in curbing the flow of black money and said that with the rapid increase in digitisation, anonymous cash could be traced back to its origins and any irregularities could be identified. He said that this was quite difficult when cash transactions were rampant.
FM Jaitley also spoke about the CBI raids conducted earlier today and said that people in high positions acquiring assets through shell companies was not a small matter. He said that these departments did not act unless there were a substantial basis and reason to suspect tax evasion or any crime committed. He said, ” the day of reckoning has come for many”. Earlier in the day, the Central Bureau of Investigation had raided former Finance Minister, P Chidambaram’s son, Karti Chidambaram’s residence in Chennai. The CBI has charged him with the case of criminal misconduct.

The FM said that post demonetisation, dealing with cash that came from tax evasion was not safe as it would be traced back. He added that detection had become very easy due to the availability of technology. Speaking to reporters, Jaitley said, “Technology is a great enabler”. Jaitley informed reporters that there had been a major hike in personal income tax, which he said was a good move as taxes are used for public services, such a helping the underprivileged. FM Arun Jaitley informed that there had been a 22% growth in e-filled returns post demonetisation.

The chairman of the Central Board of Direct Taxes, Sushil Chandra said that the Income Tax department had identified 1 lakh suspected cases of tax avoidance. He said that the I-T department had identified undisclosed income of Rs 16, 398 crores. He also informs that the department had added 91 lakh new taxpayers, post-demonetisation.

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