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

Post demonetisation, there has been a hike in collection of personal income tax, the finance minister said, adding that the new portal will help honest tax payer.

By: PTI | New Delhi | Updated: July 14, 2017 6:02 pm
Arun Jaitley, Tax net, post demonetisation, Post net ban, income tax, income tax collection, India news, indian express news Union Finance Minister Arun 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 today. Launching a new website on ‘Operation Clean Money’, a programme to bring illegal wealth on books, he said the fallout of the November 8 decision to demonetise higher denomination currency has increased movement towards digitisation, number of assessees going up and tax revenue jumping as also fear of dealing in cash being installed.

Stating that as many as 91 lakh persons have come under the tax net, Jaitley said he expects further increase in tax returns going ahead. Post demonetisation, there has been a hike in collection of personal income tax, the finance minister said, adding that the new portal will help honest tax payer.

CBDT Chairman Sushil Chandra said there was 22 per cent growth in e-filed returns post demonetisation. As many as 17.92 lakh people were identified for unexplained deposits post demonetisation, he said, adding the tax department has identified one lakh suspected tax avoidance cases.

He also said that an undisclosed income of Rs 16,398 crore was identified post demonetisation. “We identified around 17.92 lakh persons in whose case the cash transactions did not appear in line with the taxpayers’ profiles. And online verifications of these transactions are underway,” Chandra said.

Of the 17.92 lakh, so far 9.72 lakh individuals responded to SMSes and e-mails sent by the income tax department.

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  1. madhusudan Bangalore
    May 16, 2017 at 8:22 pm
    THE DEATH SENTENCE TO CORRUPT POLITICIANS IS ONLY SOLUTION OF THIS MENACE. THE INVESTIGATING AGENCIES MUST SEIZE ALL ETS OF CORRUPTS AFTER ESTABLISHING PRIMA FACIE WHICH WILL BE MORE EFFECTIVE IN CURBING POLITICAL CORRUPTION. PRESENTLY ALMOST ALL POLITICIANS WHO WERE IN POWER OWNING WEALTH WORTH TRILLIONS OF RUPEES WHICH MUST BE SEIZED AND UTILIZED FOR DEVELOPMENT OF THE COUNTRY. WHY BJP IS ONLY PROPAGATING THE MATTER FOR POLITICAL PURPOSES RATHER THEN PUNISHING ALL CORRUPT POLITICIANS WHO LOOTED ALL RESOURCES OF COUNTRY CAUSING ACUTE POVERTY, ECONOMIC UNREST AND BACKWARDNESS ALL OVER THE COUNTRY? THE PUBLIC IS VERY PERTURBED WITH CURRENT INACTION OF GOVT WHO IS MISERABLY FAI IN PUNISHING CORRUPTS OF COUNTRY AND IS WASTING PUBLIC MONEY BY FIGHTING CASES IN COURTS FOR DECADES AS EVIDENT FROM LALOO AND JAYALALITHAA'S CASE IN WHICH JUDGEMENT WAS GIVEN AFTER HER DEATH. SIMILAR SITUATION SITUATION WILL ARISE IN LALOO'S CASE WHEN JUDGEMENT WILL COME AFTER HIS DEATH. THIS IS SHOCKING.
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