Post Notes Ban, 91 Lakh More Came Under Tax Net, Says Arun Jaitley
New Delhi: 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 instilled.
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.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
