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Operation Clean Money News

03 Apr 2018

Finish issuing all demonetisation notices by May: CBDT to I-T dept

IT department had launched an 'Operation Clean Money' (OCM) to check black money post demonetisation.

14 Nov 2017

Demonetisation: I-T dept to issue notices to suspicious cash depositors

The people who have filed their returns will be examined against the amounts they have deposited during the period of demonetisation, so that we can see whether they have correctly disclosed their income or not, the CBDT chief said.

Operation Clean Money

01 Sep 2017

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

The Operation Clean Money 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.

08 Aug 2017

I-T dept detects Rs 13,715 crore undisclosed income last fiscal

Last fiscal, the income tax department conducted searches at 5,102 premises of 1,152 groups during which undisclosed income of Rs 15,496 crore was admitted.

14 Jul 2017

Demonetisation: I-T dept identifies another 5.56 lakh individuals under Operation Clean Money

The information in respect of the cases and accounts identified has been made available in the e-filing window of the PAN holder in the e-filing portal of the I-T department.

Operation Clean Money

16 May 2017

91 lakh persons come under tax net post note ban: FM Jaitley

The number of persons under the tax net has increased by 91 lakh as unaccounted cash lost anonymity post note ban, Finance Minister Arun Jaitley said on Tuesday.

14 Apr 2017

Operation Clean Money : Income Tax dept to send notice to 60,000 companies for money laundering

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14 Apr 2017

Income tax dept re-launches operation clean money, to send notice to 60,000 companies

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undisclosed income

11 Apr 2017

Rs 5,400 crore worth of undisclosed income detected: Govt to Supreme Court

A whopping Rs 5,400 crore worth of "undisclosed income" has been detected by law-enforcing agencies till January 10 since demonetisation came into force last November, the government has told the Supreme Court.

Income Tax department

14 Mar 2017

Black money: I-T prosecution action triples this fiscal

Prosecution action by the Income Tax department in black money cases has shot up three times with the taxman filing over 570 such charge sheets across the country till January this year.

Operation Clean Money

22 Feb 2017

Taxman to scrutinise loan deposits under op 'clean money'

The Income Tax department may initiate penal action and impose an equivalent penalty in select cases of loan amount deposits of Rs 20,000 or more as part of the 'Operation Clean Money' to check stash post demonetisation.

money laundering

21 Feb 2017

No amnesty for bank deposits linked to money laundering: CBDT

Any bank account suspected to have been "misused" for money laundering or shell company operations won't be exempted from probe under 'Operation Clean Money' despite having low deposits.

21 Feb 2017

Operation Clean Money: No threat or show cause to taxpayers, CBDT tells taxman

The CBDT on Tuesday asked the taxman to ensure there is no "threat, warning or show cause" notice to taxpayers contacted by it under 'Operation Clean Money' that is aimed at checking black money post-note ban.

20 Feb 2017

I-T dept to launch 2nd phase of bank accounts scrutiny next month

The I-T department is likely to launch the second phase of 'Operation Clean Money' next month to close in on unaccounted money making its way into banks but may ignore standalone deposits below Rs 5 lakh for now.

17 Feb 2017

Note ban impact: Over 7 lakh assessees respond to I-T dept query; 'non-statutory' letters to be issued in case of no reply

The I-T Department on Friday said that more than 7 lakh assessees, out of 18 lakh who were sent SMS/emails for making suspicious deposits post demonetisation, have submitted their response.

Operation Clean Money

13 Feb 2017

Operation Clean Money: Over 5.27 lakh taxpayers respond to I-T dept query on cash deposits

Out of the 7.41 lakh accounts confirmed by the 5.27 Lakh taxpayers, the cash deposit amount has been confirmed in more than 99.5 percent accounts.

11 Feb 2017

Reply date for I-T queries on deposits extended till Feb 15

Government on Saturday extended the window for assessees receiving SMS or e-mail queries from the income tax department on cash deposits post demonetisation by 5 days to February 15.

Operation Clean Money

06 Feb 2017

1-crore bank accounts scanned under I-T department's 'Operation Clean Money' drive

As part of the tax department’s Operation Clean Money initiative, it has scrutinised around 1-crore bank accounts, narrowed down to 18 lakh individuals to explain the source of large cash transactions they undertook in the weeks after demonetisation.

31 Jan 2017

Operation 'Clean Money': Crackdown begins; 18 lakh people to get IT notice if deposits don't match income

The Income Tax department has identified 18 lakh people who have made 'suspicious' cash deposits post demonetisation, including those having deposited over Rs 5 lakh, and will send emails and SMSes seeking explanation about their source of funds.

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