The I-T department is likely to launch the second phase of 'Operation Clean Money' next month to close in on unaccounted money making its way into banks but may ignore standalone deposits below Rs5 lakh for now.
The Income Tax department will appoint two data analytics firms in next 10 days to analyse the deposits in bank accounts before and after November 8 last year -- the day the government decided to junk 86 per cent of the currency in circulation.
The exercise will attempt to link individuals with multiple accounts or PAN numbers who have deposited large sums of money, officials said.
The I-T Department has begun analysing accounts which show a pattern of deposits or have some common linkage like common address, PAN, telephone number, email address or name.
"Standalone low amount of deposits is not under scrutiny," an official said. "The Tax Department may ignore deposits below Rs5 lakh on a standalone basis for the time being," the official added.