IT identifies another 5.56 lakh persons under Operation Clean Money

A man walks past an income tax billboard in New Delhi. Reuters file

It may be noted that the Income Tax Department (ITD) is pushing additional cases of high cash deposits in the second phase of Operation Clean Money, which was initiated by ITD on the 31st January, 2017 with the launch of e-verification of large cash deposits made during 9th November to 30th December 2016.

"These are persons whose tax profiles were found to be inconsistent with the cash deposits made by them during the demonetisation period", the department said here in a statement.

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://incometaxindiaefiling.gov.in. Taxpayers will be able to submit online explanation without visiting income tax offices.

In the first phase, the I-T department identified 17.92 lakh persons for e-verification of large cash deposits in their bank accounts, of which 9.72 lakh people had submitted an online response. A PAN holder can view the information using the link "Cash Transactions 2016" under "Compliance" section of the portal.

Moreover, the Ministry added that the department will inform the identified taxpayers through E-mail and SMS for submitting response online.

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.

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

-Enabling Citizen Engagement for creating a tax compliant society where every Indian takes pride in paying taxes.

-Enabling Transparent Tax Administration by sharing status reports (including sanitized cases and explanation of verification issues) and thematic analysis reports (e.g. taxpayer segment analysis of cash deposit data).

This is the second list from the Income Tax department. It has also additionally identified 1.04 lakh persons who did not disclose all bank accounts during e-verification.

The scrutiny is especially focused on those who deposited over Rs 2 lakh in demonetised currency.

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