NEW DELHI: The Income Tax Department has, in the second phase of Operation Clean Money (OCM), identified 5.56 lakh people whose income tax profile were found inconsistent with the cash deposits made by them during the demonetisation window.
“Another 1.04 lakh persons who did not disclose all bank accounts during e-verification in the first phase of OCM have also been identified. In the first phase, 17.92 lakh persons had been identified for e-verification of large cash deposits, of which 9.72 lakh people had submitted online response,” according to a statement issued by the Central Board of Direct Taxes.
The statement noted that individuals identified by the tax department can view this information in the “Cash Transactions 2016” section on the income tax e-filing portal: https://incometaxindiaefiling.gov.in. “The taxpayer will be able to submit online explanation without any need to visit Income Tax office. All identified persons are being informed through emails and SMSes for submitting response online,” the statement added.
The taxpayers would have to also provide details of deposits of more than Rs 2 lakh in their Income Tax Returns (ITR), which would then be matched with the information with the Income Tax Department. The taxpayer is expected to ensure that ITR is compliant with 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 department said. “Cash deposits made in the above period may thus be fully and truly disclosed in the ITR.”