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Commencing the process of crackdown on large deposits made after November 8, the Income Tax Department has identified 18 lakh taxpayers who will be served notices seeking explanation within 10 days. According to tax officials, the transactions carried out by these taxpayers post demonetisation seem out of line. The process has been labelled as “Operation Clean Money”, in which data analytics has been made use of to analyse the data received between November 9 and December 30, 2016, Revenue Secretary Hasmukh Adhia told media persons at a briefing here on Tuesday
Commencing the process of crackdown on large deposits made after November 8, the Income Tax Department has identified 18 lakh taxpayers who will be served notices seeking explanation within 10 days. According to tax officials, the transactions carried out by these taxpayers post demonetisation seem out of line. The process has been labelled as “Operation Clean Money”, in which data analytics has been made use of to analyse the data received between November 9 and December 30, 2016, Revenue Secretary Hasmukh Adhia told media persons at a briefing here on Tuesday
The taxpayers covered in this phase need to submit their response on the portal within 10 days in order to avoid any further notice from the I-T Department and enforcement actions, the statement mentioned.
The information in respect of these cases will be made available in the e-filing window of the taxpayer at the government’s e-filing portal.
“E-mail and SMS will also be sent to the taxpayers for submitting online response on the e-filing portal,” it said. A detailed user guide and quick reference guide is available on the portal to assist the taxpayers in submitting online response.
“Based on the taxpayers’ explanation, data analytics will be used to select cases for verification. If the case is selected for verification, request for additional information and its response will also be communicated electronically,” it said.
The response of taxpayer will be assessed against available information. In case explanation about the source of cash is found justified, the verification will be closed without any need to visit income tax office, it said.
The verification will also be closed if the cash deposit is declared under the Pradhan Mantri Garib Kalyan Yojna (PMGKY), it added.