In a move that is likely to hit black money hoarders and tax evaders in the country, the Narendra Modi government launched the Operation Clean Money website today. According to latest reports, Centre will make reports of income tax raids available on the new website. Besides, it will also rate defaulters under various categories from high risk to very low risk. Union Finance Minister Arun Jaitley launched the website today
“We want to change habit from non-tax compliant to tax compliant,” said Sushil Chandra, chairman of Central Board of Direct Taxes (CBDT).
The website will also elaborate the process by which tax defaulters have been identified. It will also specify action for various degrees of violations – high risk, medium risk, low risk and very low risk. Quoting sources, the NDTV report also said “high risk individual or groups” will face action like search, seizure and direct inquiry.
Speaking at a press conference in New Delhi, Jaitley said that another step the government was taking to weed out the non-compliant tax payers, and those who pay honestly and on time have no reason to worry. According to a report in Economic Times, the portal will facilitate communication between individuals and tax authorities by way of the permanent account number (PAN). The second phase of operation clean money will focus on high-risk individuals who made high value transactions and will be subject to detailed investigations
