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It has been 58 days since the launch of NITI Aayog’s two incentive schemes – Lucky Grahak Yojana and Digi Dhan Vyapar Yojana to promote digital payments and the public response has been quite encouraging.
Income Tax Department is enquiring/seeking information and analysing instances of deposits to identify cases involving risk of tax evasion. Based upon vast amount of information of cash deposits collected and analysed by CBDT, a number of persons have been identified in whose case the cash transactions did not appear to be in line with their profile available with the Income-tax Department (‘ITO’)
The online verification has been enabled on e-filing portal (for taxpayers) which will be synchronized with the internal verification portal (AIMS module of ITBA) of ITD. The salient features of online verification mechanism are as under:
The government of India offered incentives bonanza for small traders going digital. The government has announced 2% rebate in income tax for small traders and businesses having a turnover of up to INR 2 crores annually for receiving payments via digital mode instead of cash.
The Income Tax Department (ITD) had initiated ‘Operation Clean Money’ on 31st January, 2017 for the e-verification of large cash deposits made during 9th November to 30th December, 2016. Email and SMS were sent to 18 lakh taxpayers for submitting online response on the e-filing portal.
As indicated thereat, a review was undertaken and it has been decided that till further instructions SBNs deposited in the currency chests, since November 10, 2016, will be considered as part of the chest balance in the soiled note category but such deposits will not be reckoned for calculating Chest Balance Limit / Cash Holding Limit.
If the cash deposit amount displayed is not correct, how do I mention the correct amount? If the cash deposit amount displayed is not correct, please mention the correct amount under A.5. Such cases may be sent to the information source for confirmation.
Income tax Department has processed AIR transactions without valid PAN which resulted in identification of high risk transaction clusters of non-PAN AIR transactions (with common name and address). Polite letters are being sent to the transacting parties communicating the transaction details alongwith unique Transaction Sequence Number (TSN).
As per para 7(2) of the PMGK deposit Scheme, 2016, the Authorised banks are required to furnish electronically the details of deposits made under PMGK in Form V not later than next working day to enable the Department to verify the information of the deposit before accepting the declaration.
As per the Notification No. 116/2016, the Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016, is a declaration u/s 199C of the Finance Act, 2016, in respect of the Taxation and Investment Regime for PMGKY. There are two forms, Form 1 & Form 2.