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What is Operation clean money scheme by income tax department of India?

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What is Operation clean money scheme by income tax department of India?
posted Aug 18, 2017 by Debolina Charaborthy

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The Operation Clean Money (OCM) initiative was launched by the Income Tax Department (CBDT) for e-verification of large cash deposits made during the period from 9th November to 30th December 2016. The programme was launched on 31st January 2017 and has entered into the second phase in May 2017. As part of the initiative, Email and SMS were sent to 18 lakh taxpayers for submitting online response on the e-filing portal.

The operation is primarily aimed to verify cash transaction status (exchange/savings of banned notes) of tax payers during the demonetisation period and to take tax enforcement action if transactions doesn’t match the tax status. According to the ITD, one of the pillars OCM is fair, transparent and non-intrusive tax administration. As mentioned, the OCM has two phases so far and updates in the form of OCM status are published by the ITD accounting the action taken on the accounts revealed.

answer Aug 21, 2017 by Durga Prasad
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