Contact Your Financial Adviser Money Making MC
14
February 2017
Over
5.27 lakh taxpayers have submitted response to explain their large deposits to
the I-T department while 4.84 lakh taxpayers have been found not registered
with the e-filing portal under Operation Clean Money, an official statement
said on Monday. The Total Investment
& Insurance Solutions
"The
operation has seen an overwhelming response and till February 12, more than
5.27 lakh taxpayers have already submitted their response," said a Finance
Ministry statement. The Total
Investment & Insurance Solutions
The
income tax department had initiated 'Operation Clean Money' on January 31 for
the e-verification of large cash deposits made during the period from November
9 to December 30, 2016. Email and SMS were sent to 18 lakh taxpayers for
submitting online response on the e-filing portal.
"This
exercise has identified around 4.84 lakh taxpayers not yet registered with the
e-filing portal. SMS have been sent on the mobile number of these unregistered
persons," the statement said.
The
department is keeping a vigil on the PAN holders who have still not registered
on the e-filing portal or who have not yet submitted their online response.
Such taxpayers are advised to register themselves at the e-filing portal and
submit online explanation, it said. The
Total Investment & Insurance Solutions
"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 per cent accounts. The
department is encouraged to note that taxpayers have increased the cash deposit
amount in nearly 90,000 accounts and provided details of additional 25,000 bank
accounts in which cash was deposited," it said. The Total Investment & Insurance Solutions
The
explanation of cash deposit submitted by the taxpayer is being analysed in the
context of nature of business and business profile in the earlier returns of
the taxpayer, it added.
In
order to facilitate online responses, the last date for their submission has
been extended up to February 15 and a detailed frequently asked question (FAQs)
has also been issued to assist the taxpayers in submitting their
response. The Total Investment
& Insurance Solutions
"The
taxpayers should submit their response within this further extended period with
a view to avoid enforcement actions under the Income-tax Act and other
applicable laws," it said.The
Total Investment & Insurance Solutions
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