Chasing the black money hoarders who were supposed to have made high value cash deposits during the note-ban window, the Income Tax (I-T) Department has identified another 5.6 lakh people in the second phase of ‘Operation Clean Money’. The I-T Department has spotted these individuals whose tax profiles are found inconsistent with the money deposited by them post demonetisation.
In the second phase of the operation with an aim to detect black money generation post note ban, the I-T department has used information received under the Statement of Financial Transactions (SFT) from banks to identify additional cases.
“These are persons whose tax profiles were found to be inconsistent with the cash deposits made by them during the demonetisation period. All identified persons are being informed through email and SMS for submitting their response online,” the Finance Ministry said in a statement on Friday, adding that another 1.04 lakh persons who did not disclose all bank accounts during e-verification in the first phase of operation clean money have also been identified.
In the first phase of ‘Operation Clean Money’ which was launched on January 31, 17.92 lakh persons had been identified for e-verification of large cash deposits, of which 9.72 lakh people had submitted online response. At the time of launch of the second phase of the operation, the I-T department had said it will investigate over 60,000 individuals, including 1,300 high risk persons. The Central Board of Direct Taxes (CBDT) had then said it has detected undisclosed income over Rs 9,334 crore between November 9, 2016 and February 28, 2017.
The information in respect of the cases and accounts identified has been made available in the e-filing window of the PAN holder in the e-filing portal of the I-T department. 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. The tax department had in April notified the new ITR forms which added a new column seeking information on cash deposits above Rs 2 lakh made during the 50-day demonetisation period.
This information will be matched with the information in possession of the I-T department. “The taxpayer should ensure that ITR is compliant with amount deposited in bank accounts during the period of demonetisation and while computing income, the amounts so deposited are considered/ taken into account while paying taxes,” the statement said.