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‘Demonetisation benefits visible in IT enforcements, tax filings’
New Delhi, Aug 31 (IANS) A day after the RBI’s report revealed that 99 per cent of demonetised currency had come back into the banking system, the Finance Ministry on Thursday claimed that the note ban’s benefits were clearly visible in terms of a quantum jump in enforcement actions and growth in direct tax collections.
“The government launched a concerted drive against black money with demonetisation being an important step in that direction. Among the main objectives of demonetisation was the flushing out of black money and also conversion of the non-formal economy into a formal economy to expand the tax base,” the Finance Ministry said here in a statement.
The statement said that enforcement actions based on the demonetisation data got a major push in number of searches, seizures and admission of undisclosed income.
The Income Tax Department launched ‘Operation Clean Money’ on January 31 to analyse the data of the persons who deposited large sums of cash and whose returns of income were not in sync with such deposits.
In the first phase, 18 lakh suspect cases were identified through use of data analytics where cash transactions did not appear to be in line with the tax profile of depositors. “Online verification in these cases was enabled and done in a record time of four weeks,” it said.
“The scale of the operation may be gauged from the fact that response of 9.72 lakh persons in respect of 13.33 lakh accounts involving cash deposits of around Rs 2.89 lakh crore, as per pre-defined parameters on sources of the cash deposits was captured by the Income Tax Department. Online queries were raised in more than 35,000 cases and online verification was completed in more than 7,800 cases,” it added.
Phase two of the ‘Operation Clean Money’ includes enforcement actions in high risk cases, taxpayer engagement through a dedicated website in medium risk cases and close monitoring in low risk cases.
“The high, medium and low risk cases have been identified through use of advanced data analytics, including integration of data sources, relationship clustering and fund tracking. The exercise has also unearthed a large number of persons and clusters having suspect transactions. These include about 14,000 properties of more than Rs 1 crore each where persons have not even filed income tax returns. The investigations are in progress,” the statement noted.
On the impact on widening of tax base, the ministry said that the number of e-returns of individual taxpayers filed till August 5 increased to 2.79 crore from 2.22 crore returns filed during the corresponding period of last year, registering an increase of about 57 lakh returns (25.3 per cent).
“This shows marked improvement in the level of voluntary compliance as a result of action taken by the Income Tax Department on the basis of data of cash deposits in the wake of demonetisation,” it said.
The total number of all returns filed during 2016-17 was 5.43 crore, which is 17.3 per cent more than the returns filed during 2015-16.
For 2016-17, 1.26 crore new taxpayers were added to the tax base till June 30, it said.
The effect of demonetisation is also clearly visible in the growth in direct tax collections, the statement said.
Collection of advance tax under personal income tax as on August 5 showed a growth of about 41.79 per cent over the corresponding period in 2016-17 while the collection of self-assessment tax under personal income tax showed a growth of 34.25 per cent over the corresponding period in 2016-2017.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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