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Operation clean money to bring illegal wealth on record – Jaitley

Arun Jaitley
Jaitley proposes to launch a website 'Operation Clean Money', to bring illegal wealth on books and expects further increase in tax returns.

Arun Jaitley, union¬†finance minister, confirmed the fact that the number of people under the tax net has increased by 91 lakh after the demonetisation. He also proposed the idea of launching a new website ‘Operation Clean Money’, to bring all the illegal wealth on records. After the decision taken by the Modi government on November 8, the country is quickly moving towards digitisation and the fear of dealing in cash can be seen, hence Jaitley thinks launching the website will unveil more illegal wealth.

Jaitley says that he expects further increase in the number of people under the tax net, as post demonetisation the collection of personal income tax has increased. He also added that the new portal will help the honest tax payers.

The Chairman of Central Board of Direct Taxes, Sushil Chandra stated that, after demonetisation there has been a growth of 22% in e-filled returns. He further added that around 17.92 lakh people were identified for unexplained deposits, 1 lakh tax avoidance cases, and 16,398 crore of undisclosed income identified after demonetisation.

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