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Tag: Demonetisation

Feb12017 by Team - The Digital IndianNo Comments
Operation ‘Clean Money’: begins; 18 lakh people to get IT notice if deposits don’t match income

Operation ‘Clean Money’: begins; 18 lakh people to get IT notice if deposits don’t match income

Economy
The Income Tax department has identified 18 lakh people who have made ‘suspicious’ cash deposits post demonetisation, including those having deposited over Rs 5 lakh, and will send emails and SMSes seeking explanation about their source of funds. These people will have to reply within 10 days to avoid any notice from the tax department or further enforcement action. The department today launched ‘Operation Clean Money’ project under which CBDT, with data analysis and profiling of assessees, will send e-communications to people whose cash deposits post November 8 note ban do not match their income. “Operation Clean Money/Swachh Dhan Abhiyan is a programming software which will be used to get answers on all the deposits made and after preliminary answers from the people. Then...
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Feb12017 by Team - The Digital IndianNo Comments
Highlights of Union Budget 2017-18

Highlights of Union Budget 2017-18

Economy
Finance Minister Arun Jaitley presented theUnion Budget 2017, his fourth annual budget, today. Here are the highlights of this year's budget: ►Income Tax rate cut to 5 pc for individuals having income between Rs 2.5 lakh to Rs 5 lakh ►10 pc surcharge on individual income above Rs 50 lakh and upto Rs 1 cr to make up for Rs 15,000 cr loss of due to cut in personal I-T rate ►15 pc surcharge on income above Rs 1 cr to continue ►Of 3.7 cr individuals who filed tax returns in 2015-16, 99 lakh showed income below exemption limit ►Direct tax collection not commensurate with income and expenditure pattern ►Revenue deficit reduced to 2.1 pc from 2.3 pc for 2016-17 ►Govt pegs fiscal deficit target at 3.2 per cent for 2017-18 and 3 per cent for next year. ► Monetary policy ...
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