Mission against black money yields results, number of tax returns filed goes up by 95 lakh
The government’s mission to curb
The figure, along with the presentation that it was a part of, was shown to PM Narendra Modi as part of the revenue department's review on Tuesday.
Despite being world’s second largest country in terms of population, India only sees tax returns filed by a little over 1% of the population. This has prompted the government to widen the tax net.FY16 saw as many as 5.28 crore returns, up by 22% over the previous year.
The income-tax department, which has announced a sort of war against black money, had launched a crackdown against tax evaders after demonetisation. For this, it had listed 18 lakh names of people whose bank deposits of old currency notes didn’t match their income profiles. Not only this, the department also unearthed details of high-value purchases done after the demonetisation move was announced, clearly with a purpose to dispose off unaccounted money.
The department then used the data to identify tax evaders.
Called ‘Operation Clean Money’, this move by the government saw the names of tax evaders being made public. This led to people filing their tax returns to avoid being questioned by the authorities in the future.
"A substantial chunk of these returns have been filed after the department's communication," an official told ET.
Chuck Schumer calls for a 'fair and honest' weekslong Senate impeachment trial featuring new testimony from four key witnesses

AI IN BANKING: Artificial intelligence could be a near $450 billion opportunity for banks - here are the strategies the winners are using

The Chicago Bears nearly saved their playoff chances with an elaborate, last-second series of laterals but wound up a few yards short

How Do I See My Google Activity

Cowboys' opening coin toss was screwed up by everybody giving the ball to the Rams to start both halves
What is citizenship bill and how does it affect religious freedom in India?
India is slowing down so fast that even experts can’t keep up
Meet the 33-year-old Chennai techie who spotted Vikram Lander on Moon’s surface and alerted NASA
Raghuram Rajan's warning about Mudra loans last year may be coming true
Microsoft’s four-day work week idea will be good for Indians— but there is a lot to be fixed before that
Dues, death and an investigation — all that went wrong with OYO hotels in the last 6 months
Three wise men who exited Vodafone India just in time to make millions
SAIF Partners invested in Swiggy when they just had a landing page – today they are going after more seed stage startups, here’s why
SIGN IN WITH
FacebookGoogleEmail