IT Department identifies another 5.56 lakh individuals with suspicious deposits

Mangalore Today News Network

New Delhi, Jul 15, 2017 : The income tax department has identified 5.56 lakh new individuals in the second phase of Operation Clean Money, launched with the aim of detecting black money post the government’s demonetisation drive.

 

These individuals’ tax profiles were found to be inconsistent with cash deposits made by them between November 8 and December 30 last year, said a statement issued by Central Board of Direct Taxes on Thursday. These taxpayers have been informed through emails and text messages, and will have to submit their responses online.

As part of the first phase of the operation, launched on January 31 this year, the income tax department had identified 17.92 lakh persons, of whom 9.72 lakh had responded online.

Of this 9.72 lakh people, 1.04 lakh did not disclose all bank accounts during e-verification.

Individuals identified by the tax department can view this information in the “Cash Transactions 2016” section on the income tax e-filing portal and submit an online explanation without having to visit the income tax office, the CBDT statement said.

In order to promote voluntary compliance, the department has asked individuals to declare if they have deposited Rs 2 lakh or more in their accounts post the government’s demonetisation move, while filing income tax returns (ITR).

CBDT Statement 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.

courtesy:YahooNews