Taxmen identify 5.56 lakh mismatch in deposits

New Delhi: As part of “Operation Clean Money” second phase, income tax department claimed on Friday that it has identified 5.56 lakh new people whose bank deposits during demonetisation was higher than claimed in tax returns.

“These are persons whose tax profiles were found to be inconsistent with the cash deposits made by them during the demonetisation period,” the I-T department said. 

All identified persons are being informed through email and SMS for submitting their response online

In phase first 17.92 lakh people were identified for large deposits and asked to e-verify their bank deposits during demonetisation last year. Some  9.72 lakh people had submitted online response.

IT department said that another one lakh persons who did not disclose all bank accounts during e-verification in the first phase of  Operation Clean Money have also been identified.

The information in respect of the cases and accounts identified by the I-T department has been made available in the e-filing window of the PAN holder in the e-filing portal of the I-T department. 

The taxpayer will be able to submit online explanation without any need to visit income tax office.

The PAN holder can view the information using the link “Cash Transactions 2016” under “Compliance” section of the portal. 

“All identified persons are being informed through email and SMS for submitting response online,” the I-T department said. 

I-T department has on-boarded two specialised data analytics agencies and a business process management agency to augment departmental capability in analysing large volumes of cash deposit data, track the compliance status of taxpayers and reporting entities.

While launching a new website on ‘Operation Clean Money’, CBDT in May had claimed that  its searches after demonetisation has resulted in people admitting undisclosed income of `16,398 crore and seized assets of Rs 900 crore (Rs 636 crore in cash).