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Tuesday , 23 October 2018
Breaking News

9.1 Million people on Tax Net post note ban

The Finance Minister on Tuesday said that 91 lakh people have come under the tax net and expecting that this figures may go upwards. On launching the new website “Operation Clean Money”, he said the portal will help the honest tax payers.

Mirroring the views of the Finance Minister, Sushil Chandra – Chairman of Central Board for Direct Taxes said there was 22 per cent growth in e-filed returns post demonetisation.

He noted that the department has identified around 1 lakh suspected tax avoidance cases whereas the figure of staggering 17.92 lakh people with unexplained deposits post demonetisation and total undisclosed income of Rs.16,398 crores. The emails and SMSes sent to these people were reciprocated with some 9.72 lakh people responding back with their explanation.

The Government is also undertaking a major clean up drive by conducting raids across the country in the prominent business houses and politicians who are linked with them unearthing several thousands of crores and is expected to continue in the days to come.

The demonetisation has also seen a surge in the usage of digital wallets which has become a boon for kirana stores as they can even accept Re.1 but the transaction charges of 2% being levied to transfer funds to the bank account by commoners has not gone down well with the public.

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