Operation Clean Money Portal

(https://www.cleanmoney.gov.in/ ) Operation Clean money portal launched by Arun Jaitley to track tax evaders and tighten grip on them

The center via its new portal has announced about tightening its grips on tracking down tax evaders. The new portal was designed by CBDT (central board of direct tax) department under the central government.

Main aim of the Clean Money Portal

  • According to the central government sources the new portal shall help the government officials in identifying depositors who have made big investments in purchasing.
  • The portal will also identify tax evaders who have not made the payment of taxes according to their income declarations in the past.
  • The procedure of follow up will be performed by the officials under the drive to track black money in the country.
Operation Clean Money

Statements made by Arun jaitley (Finance Minsiter)

  • Mr Arun jaitley has made it very clear that with the implementation of the new portal the central government aims at tracking any depositor who evades tax payments.
  • This new drive will also help in shifting to tax complaints from non-tax complaints.
  • According to Mr. Jaitley the central government has managed to identify nearly eighteen lakhs individuals whose accounts reflect different cash transactions as compared to the declarations in their tax payer’s profile.

Role of the Clean Money Web Portal

  • According to the sources this new portal (https://www.cleanmoney.gov.in/) is efficient in linking tax authorities and tax payers together via PAN card. Please see this for Link Pan Card with Aadhar.
  • The government has also made it very clear that it shall be conducting the entire process in a non-intrusive way depending more on the e-filing portal rather than communicating individuals personally.
  • The new portal shall make use of data mining technique to track around 91 additional tax evaders who have failed to pay their tax according to the declarations made by them.
  • It has 3 sections a) I am a Citizen b) I am a reporting Entity c) I am a tax Professional.
  • Apart from this the statement was also added by Arun Jaitley that honest tax payers have no reason to worry about anything. Please read to See Income Tax Slabs.

Working the Old Way

  • The CBDT has made it very clear that an online verification process has been enabled with an aim to track each of the transaction such that the overall compliance cost can be reduced for tax payers. To collect more information you can log on to the official site link. you can get all possible information after logging on to e-filing window on the site.
  • Any PAN holder will be able to collect full information by clicking the link ‘Cash transactions’ for 2016. This link is available under the compliance option of the web portal. You can also make use oft eh web portal to submit all your explanations regarding your tax payments. This means that you may not have to visit the income tax office department for giving the explanations. Do you know the Cash Transaction Limit now?
  • Each of the individuals will also be receiving notification email and sms the moment you submit your information online on the portal. If in case you are still not registered with the web portal then you can use the link and get registered as valid tax payers. It is also important for anyone to verify the email and mobile phone number provided for receiving sms and email notifications.
  • It is also certain that on the basis of risk approved the data analytics will be used for making the selection of individuals for verification process. In case any case is selected then it is certain that a request will be sent for providing with additional information via email or sms.
  • The moment new information is received then all information will be updated immediately on the portal. This will be done on the basis of data analytics, response and information provided.

Further steps to be taken by the centre

  • The government has also made it clear that it shall be launching its second phase that will only focus on individuals who have made big investments and high value transactions.
  • The government shall conduct a very in-depth investigation on these individuals. So far the department has managed to prepare a list of 60,000 such individuals.

The government had launched operation clean money right after demonetization of currency in the country. The main aim of the government was to get their hands on tax evaders to pay pending tax. Around 1.8 million individuals were identified by the government as tax evaders and most of them were already contacted via email and sms. This was performed by the government under the PMGK (PM’s Garib Kalyan ) Yojana.


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