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31 January
2017
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. The
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According
to tax officials, the transactions carried out by these taxpayers post
demonetisation seem out of line. The
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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 Total
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"I-T
Department has initiated Operation Clean Money. Initial phase of the operation
involves e-verification of large cash deposits made during November 9 to
December 30, 2016.
"Data
analytics has been used for comparing the demonetisation data with information
in the department's databases," the Central Board of Direct Taxes (CBDT)
said in a statement.
"In
the first batch, around 18 lakh persons have been identified in whose case,
cash transactions do not appear to be in line with the taxpayer's profile. The
I-T Department has enabled online verification of these transactions to reduce
compliance cost for the taxpayers while optimising its resources," the
statement said. The Total Investment
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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. The Total Investment & Insurance
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"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. The Total Investment &
Insurance Solutions
"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 Total Investment &
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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 Total Investment & Insurance
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The verification
will also be closed if the cash deposit is declared under the Pradhan Mantri
Garib Kalyan Yojna (PMGKY), it added.The
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