The Income Tax Department on Friday said it has identified another 5.56 lakh individuals whose tax profiles are found inconsistent with the money deposited during demonetization.
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 second phase of Operation Clean Money, launched in April, 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," an official statement from the Finance Ministry said.
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 an online response.
For the second phase, all identified persons are being informed, through e-mail and SMS, to submit their response online. The I-T department had earlier 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 an undisclosed income of over Rs 9,334 crore between 9 November 2016 and 28 February 2017.
The information about 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.
In April, new ITR forms were notified where a new column sought details on information about cash deposits above Rs 2 lakh made during the demonetization 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 demonetization 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.
Source - DNA India