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One year of demonetisation: I-T scanner on 80,000 cases for huge deposits

One year of demonetisation: I-T scanner on 80,000 cases for huge deposits on Business Standard. Soon after demonetisation, the I-T department had launched the first phase of Operation Clean Money, which began on January 31 and ended on February 15.

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One year of demonetisation: I-T scanner on 80,000 cases for huge deposits

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  1. One year of demonetisation: I-T scanner on 80,000 cases for huge deposits Soon after demonetisation, the I-T department had launched the first phase of Operation Clean Money, which began on January 31 and ended on February 15 One year of demonetisation: I-T scanner on 80,000 cases for huge deposits on Business Standard. Soon after demonetisation, the I-T department had launched the first phase of Operation Clean Money, which began on January 31 and ended on February 15.

  2. One year of demonetisation of high-value currency notes, the income-tax (I- T) department has identified 80,000 “actionable cases” (people) who deposited cash of over Rs 10 lakh each in bank accounts but have no tax profile. This is the new addition to the tax data, which had identified over 600,000 people for scrutiny over huge inconsistencies in the cash deposits made during the period under the two phases of Operation Clean Money — an exercise to identify black money stashed in the form of cash deposits in banks. According to sources, the I-T department has sought explanations from these 80,000 people who have no record of income-tax filing in the system. Some of them deposited cash of more than Rs 20 lakh in the bank account but have never filed returns. The findings are part of a status report on demonetisation which was prepared by the I-T department under the supervision of the Central Board of Direct Taxes (CBDT). Sources said the report will be tabled in the Prime Minister’s Office (PMO) along with the action plan on what could be done further on the actionable cases. Interestingly, after examining some of the profiles of these people, their official income had no match with their cash deposits. “We are currently collaborating the minute details of each person identified. The issue seems complex as the person’s testimonial and submission look financially weak. However, we are not concluding here and are trying to dig out the nuances of such deposits,” said a senior tax official privy to the development. Click here to Know → Anti Black Money Day

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