24 JUL 2018

Prohibition of Benami Property Transactions Act 1988 as amended by the Benami Transaction (Prohibition) Amendment Act, 2016 seeks to prohibit the Benami Transactions irrespective of the method by which the Benami Property is acquired. Such Benami Transactions include transactions in respect of movable as well as immovable properties.

As on 30/06/2018, provisional attachments have been made in more than 1600 Benami Transactions involving Benami Properties valued at over Rs. 4,300 crores.

The Government of India has taken various steps to identify Benami Properties.  The Income-tax Department (ITD) has set-up 24 dedicated Benami Prohibition Units (BPUs) across India. These BPUs are involved in gathering information and matching the same with the data available for identifying the Benami Properties and taking effective action as per the provisions of Prohibition of Benami Property Transactions Act 1988 as amended by the Benami Transaction (Prohibition) Amendment Act, 2016.

This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in Written Reply to a question in Rajya Sabha today.

PIB

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Income Tax Department (ITD) has initiated Operation Clean Money, today. 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. The information in respect of these cases is being made available in the e-filing window of the PAN holder (after log in) at the portal https://incometaxindiaefiling.gov.in. The PAN holder can view the information using the link “Cash Transactions 2016” under “Compliance” section of the portal. The taxpayer will be able to submit online explanation without any need to visit Income Tax office.

Email and SMS will also be sent to the taxpayers for submitting online response on the e-filing portal. Taxpayers who are not yet registered on the e-filing portal (at https://incometaxindiaefiling.gov.in) should register by clicking on the ‘Register Yourself’ link. Registered taxpayers should verify and update their email address and mobile number on the e-filing portal to receive electronic communication.

A detailed user guide and quick reference guide is available on the portal to assist the taxpayer in submitting online response. In case of any difficulty in submitting on line response, help desk at 1800 4250 0025 may be contacted.

Data analytics will be used to select cases for verification, based on approved risk criteria.  If the case is selected for verification, request for additional information and its response will also be communicated electronically. The information on the online portal will be dynamic getting updated on receipt of new information, response and data analytics.

The response of taxpayer will be assessed against available information. In case explanation of source of cash is found justified, the verification will be closed without any need to visit Income Tax Office. The verification will also be closed if the cash deposit is declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY).

The taxpayers covered in this phase should submit their response on the portal within 10 days in order to avoid any notice from the ITD and enforcement actions under the Income-tax Act as also other applicable laws.

PIB

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