New Delhi, February 17: Government`s one more anti-corruption drive 'Operation Clean Money' trapped Large Deposits After Notes Ban. Nearly nine lakh bank accounts under the Income Tax scanner for suspicious bank deposits during the demonetisation period, have been put in the 'doubtful' category. The action against them will follow only after the new tax amnesty scheme which ends on the 31st of next month.Under 'Operation Clean Money', the I-T department had sent SMS and e-mails to people, who had made deposits of over 5 lakh rupees during the 50-day window provided to get rid of old 500 and 1,000 rupee notes. The Tax Department had asked assessees to submit response by Wednesday last to avoid enforcement actions under the I-T Act and other applicable laws.
The Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016. Data analytics has been used for comparing the demonetisation data with information in ITD databases.
Around 18 lakh persons have been identified in whose case, cash transactions do not appear to be in line with the tax payer’s profile. ITD has enabled online verification of these transactions to reduce compliance cost for the taxpayers while optimizing its resources. Meanwhile the verification will also be closed if the cash deposit is declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY).
Since Pradhan Mantri Garib Kalyan Yojana (PMGKY) runs till 31st of March, action against any depositor can be taken only after this scheme closes as the depositor may choose to disclose the wealth and pay taxes.