Taxman Identifies Another 5.56 Lakh Under Operation Clean Money

The Income Tax Department has identified another 5.56 lakh individuals whose tax profiles are found inconsistent with the money deposited by them post demonetization.

In the second phase of 'Operation Clean Money' launched in April with an aim to detect black money generation post demonetization, 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 demonetization period," a finance ministry statement said.

All identified persons are being informed through email and SMS for submitting their response online, it added. 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 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 Operation Clean Money, 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), the policy-making body of the department, 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 demonetization period. This information will be matched with the information in the possession of the I-T department.

"The taxpayer should ensure that ITR is compliant with the 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.

Cash deposits made in the above period may thus be fully and truly disclosed in the ITR, it added.

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