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Operation Clean Money News
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IT department had launched an 'Operation Clean Money' (OCM) to check black money post demonetisation.
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The people who have filed their returns will be examined against the amounts they have deposited during the period of demonetisation, so that we can see whether they have correctly disclosed their income or not, the CBDT chief said.
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The Operation Clean Money exercise has also unearthed large number of persons and clusters having suspect transactions. These include about 14,000 properties of more than Rs 1 crore each where persons have not even filed Income Tax Returns.
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Last fiscal, the income tax department conducted searches at 5,102 premises of 1,152 groups during which undisclosed income of Rs 15,496 crore was admitted.
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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.
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The number of persons under the tax net has increased by 91 lakh as unaccounted cash lost anonymity post note ban, Finance Minister Arun Jaitley said on Tuesday.
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A whopping Rs 5,400 crore worth of "undisclosed income" has been detected by law-enforcing agencies till January 10 since demonetisation came into force last November, the government has told the Supreme Court.
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Prosecution action by the Income Tax department in black money cases has shot up three times with the taxman filing over 570 such charge sheets across the country till January this year.
The Income Tax department may initiate penal action and impose an equivalent penalty in select cases of loan amount deposits of Rs 20,000 or more as part of the 'Operation Clean Money' to check stash post demonetisation.
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Any bank account suspected to have been "misused" for money laundering or shell company operations won't be exempted from probe under 'Operation Clean Money' despite having low deposits.
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The CBDT on Tuesday asked the taxman to ensure there is no "threat, warning or show cause" notice to taxpayers contacted by it under 'Operation Clean Money' that is aimed at checking black money post-note ban.
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The I-T department is likely to launch the second phase of 'Operation Clean Money' next month to close in on unaccounted money making its way into banks but may ignore standalone deposits below Rs 5 lakh for now.
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The I-T Department on Friday said that more than 7 lakh assessees, out of 18 lakh who were sent SMS/emails for making suspicious deposits post demonetisation, have submitted their response.
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Out of the 7.41 lakh accounts confirmed by the 5.27 Lakh taxpayers, the cash deposit amount has been confirmed in more than 99.5 percent accounts.
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Government on Saturday extended the window for assessees receiving SMS or e-mail queries from the income tax department on cash deposits post demonetisation by 5 days to February 15.
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As part of the tax department’s Operation Clean Money initiative, it has scrutinised around 1-crore bank accounts, narrowed down to 18 lakh individuals to explain the source of large cash transactions they undertook in the weeks after demonetisation.
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The Income Tax department has identified 18 lakh people who have made 'suspicious' cash deposits post demonetisation, including those having deposited over Rs 5 lakh, and will send emails and SMSes seeking explanation about their source of funds.
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