Operation Clean Money; Income Tax Department identifies 17.92 Lakh persons whose tax profiles were not in line with the cash deposits made by them during the demonetization period

Income Tax Department (ITD) has initiated “Operation Clean Money” on 31st January 2017 to leverage technology and data analytics for e-verification of cash deposits made during the demonetization period i.e. 9thNovember to 30th December 2016 to reduce compliance cost for the taxpayers and optimise Government resources.

ITD has identified 17.92 Lakh persons whose tax profiles were not in line with the cash deposits made by them during the demonetization period.

As part of the initial phase, the ITD has sought online response as per pre-defined parameters on source(s) of cash deposited by17.92 Lakh persons through its e-filing portal.

More than 12 lakh responses have been received from 8.38 lakh distinct PANs/persons which are under verification. In case explanation of source of cash is found justified, the verification is closed. The verification is also closed if the cash deposit is declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY).

Appropriate action in non-compliant cases is taken as per law, which includes searches, surveys, assessment of income, levy of taxes, penalties, etc. and filing of prosecution complaints in criminal courts, wherever applicable.

This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.

Source- Press Information Bureau, Government of India, Ministry of Finance, Date-10-March-2017

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2 responses to “Cash Deposit by 17.92 Lakh persons not matches their tax profile”

  1. ram babu says:

    The Dept. is not capable of changing it with changing times. It used to derive sadistic pleasure. As the no. of visitors to their offices are reduced, they are resorting to this kind of measures. IF NOT before demonetization have they thought, how politicians, swiss bankers could not escape OR after this measure has the dept. thought how these people have escaped.!!!!!
    hell is heaven that benefits politicians / industrialists ha ha ha bureacrats….
    Somebody while having tea on a roadside was saying that SWISS bank officials refused to part with the info. of account holders from INDIA saying ? yhaXXXion hindia has taken on those who have been having black money and are in India….our hYgh officials !!! answer. Just to show that they have taken SOME action to citizens of india as well as to outside people who just beleive them demonetisation was done. Has this served any purpose ? who will answer.

  2. vishnu says:

    by the time income tax people wake up, send notices, scrutinize or assess the deposits, the account holders would have with drawn the amount and escaped.
    the only thing income tax people can do is give a statistics that __ lakh crore black money was routed through bank and withdrawn.

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