ITD identifies 6.6 lakh people in second phase of "Operation Clean Money"

ITD identifies 6.6 lakh people in second phase of Operation Clean Money


New Delhi: Following data mining after demonetisation, the Income Tax Department has identified another 6.6 lakh people in the second phase of Operation Clean Money who have been asked to provide the details of the cash deposits in their accounts. According to an official statement, the ITD has used information received under the Statement of Financial Transactions (SFT) to identify 5.56 lakh new persons in the second phase of "Operation Clean Money" (OCM) whose tax profiles were found to be inconsistent with the cash deposits made by them during the demonetisation period. Another 1.04 lakh people, who did not disclose all bank accounts during e-verification in the first phase of OCM, have also been identified. The official release said, "The information in respect of the cases and accounts identified have been made available in the e-filing window of the PAN holder at the portal www.incometaxindiaefiling.gov.in." It further said that taxpayers can submit online explanations without any need to visit the Income-Tax office." These are persons whose tax profiles were found to be inconsistent with the cash deposits made by them during the demonetisation period. In the first phase, 17.92 Lakh persons had been identified for e-verification of large cash deposits, of which 9.72 lakh people had submitted online response. 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 https:ncometaxindiaefiling.gov.in. 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. All identified persons are being informed through Email and SMS for submitting response online. Income Tax Department has asked for the details of cash deposited in bank accounts aggregating to 2 lakh or more is required to be given in the Income Tax Return (ITR). This information will be matched with the information in possession of the Income tax Department. In the communication it is said that 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. It is also said that cash deposits made in the above period may thus be fully and truly disclosed in the ITR.

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