(FE)
The Income Tax Department (ITD) has identified 5.56 lakh new persons in the 2nd phase of Operation Clean Money for e-verification of large cash deposits. These are the persons whose tax profiles were found to be inconsistent with the cash deposits made by them during the demonetization period, the Finance Ministry said today. Another 1.04 lakh persons who did not disclose all bank accounts during e-verification in the first phase of OCM have also been identified. 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.
In the first phase, 17.92 lakh people were identified in whose case cash transactions did not appear in line with the tax payer’s profile. According to the tax department, up to 12th May, 2017, more than 9.72 lakh taxpayers had submitted their response without visiting the Income tax office. Those taxpayers had provided response for 13.33 lakh accounts involving cash deposits of around Rs 2.89 lakh crore. The ITD had also assured that the online responses had been assessed and no further action would be taken in cases of satisfactory explanation.
