- In hot pursuit of black-money hoarders who may have made high-value cash deposits during the demonetisation window, the Income Tax Department has identified an additional 6.6 lakh people in the second phase of Operation Clean Money.
- The Central Board of Direct Taxes (CBDT) has harvested information from the Statement of Financial Transactions (SFT) to identify 5.56 lakh new persons whose tax profiles were found to be inconsistent with their cash deposits during the 52-day demonetisation period.
- It has also identified another 1.04 lakh persons who did not disclose all their bank accounts during e-verification in the first phase of the scheme.
- “The information in respect of the cases and accounts identified has been made available in the e-filing window of the PAN holder at the portal http://www.incometaxindiaefiling.gov.in,” an official release stated on Friday, adding that taxpayers can submit online explanations without visiting the I-T office.
- “All identified persons are being informed through e-mail and SMS for submitting response online,” it further said.
- As part of the first phase of Operation Clean Money, which was launched in January this year, the CBDT had identified 17.92 lakh persons for e-verification of large cash deposits. Of these, 9.72 lakh had submitted online responses.
- To encourage voluntary disclosure, the CBDT has also asked for details of cash deposits above ₹2 lakh in bank accounts to be included in the income-tax returns.
- The tax department has also engaged two data analytics companies to sift through the responses and categorise taxpayers based on their risk profile.
(This article was published on July 14, 2017)
via Under Operation Clean Money II, 6.6 lakh more persons on I-T radar | Business Line
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