5.56 lakh taxpayers come under I-T scanner

5.56 lakh taxpayers come under I-T scanner

Deposits post note ban don't match tax profiles

5.56 lakh taxpayers come under  I-T scanner
In the second phase of Operation Clean Money, the income tax department has identified 5.56 lakh individuals whose cash deposits post demonetisation do not match their tax profiles.  The second phase was launched in April this year.

Another 1.04 lakh individuals, who did not disclose all bank accounts during e-verification during the first phase of Operation Clean Money, have also been identified, the finance ministry said here on Friday.

It said all those identified are being informed via emails and text massages to submit their response online. In the first phase, launched on January 31,17.92 lakh people had been identified for e-verification of large cash deposits, of which 9.72 lakh people had submitted online responses.

“The information in respect of 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 ‘Cash Transactions 2016’ link under the ‘Compliance’ section of the portal. The taxpayer will be able to submit online explanation without visiting the income tax office,” the ministry said in a statement.

The department had also notified the new income tax return (ITR) forms that added a column seeking information on cash deposits above Rs 2 lakh made during the demonetisation period.

The information will be matched with the information in possession of the I-T department. “The taxpayer should ensure that ITR is compliant with the 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,” the statement said. Cash deposits made in the above period may thus be fully and truly disclosed in the ITR, it said.
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