Question: Operation Clean Money is started by-
(a) NITI Ayog
(b) Income Tax Department
(c) Ministry of Finance
(d) Central Board of Direct Taxes
Ans: (b)
Related facts:
- On 31 January 2017; Income Tax Department (ITD) has initiated Operation Clean Money.
- Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016.
- Data analytics has been used for comparing the demonetisation data with information in ITD databases.
- In the first batch, around 18 lakh persons have been identified in whose case, cash transactions do not appear to be in line with the tax payer’s profile.
- ITD has enabled online verification of these transactions to reduce compliance cost for the taxpayers while optimising its resources.
Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=157815
http://www.thehindu.com/business/Income-Tax-Department-begins-Operation-Clean-Money/article17124276.ece