Income Tax Investigation of Suspicious Cash
Deposited by 18 lakh people post demonetization – will be sent notices via Email
and SMS
As much as Rs 4.17 lakh crore of suspicious
cash was deposited by about 18 lakh people post demonetisation of high value
currency notes, CBDT Chairman Sushil Chandra said on Thursday.
Of
the people whose data the income tax department now has, email and SMS queries
have been sent to 13 lakh people today, he said addressing a post-Budget
seminar here.
"We
have (accumulated) around 18 lakh persons data amounting to Rs 4.17 lakh crore
deposits into accounts.
Another
data (for) 10 lakh is ready. We want that this should be completed and we have
today issued 13 lakh SMS and email to the persons about whom we have
details," he said.
The
rest of the 5 lakh people would be receiving SMS and emails tomorrow for
clarification under the "Operation Clean Money".
The
Central Board of Direct Taxes (CBDT), he said, is moving on a very fast track
to ensure all untaxed are brought under the tax net.
The
information on 18 lakh depositors is part of CBDT's 'Swachh Dhan Abhiyan'
(Operation Clean Money) drive that uses data analytics and taxpayer profiling
to detect potential tax evasion on cash deposits post November 8 decision to
junk 500 and 1,000 rupee notes.
He
said the Income Tax Department has identified 18 lakh people who have made
"suspicious" cash deposits post demonetisation.
Chandra
had earlier this week stated that 10 days' time would be given to people to
reply to the e-communication, and replies can be filed by logging on to the
e-filing portal of the I-T department.
In
the initial phase, the CBDT has put on e-filing portal the data of those
persons who have deposited Rs 5 lakh or more of suspicious nature and have poor
tax compliance after November 8, Chandra said.
He
said data on 18 lakh taxpayers has been uploaded on e-filing portal. These
people while filing reply have to explain to the tax department the sources of
deposits.
The
deposits will be compared with the income profile, turnover and other
parameters available in the income tax data bank to see if they match with tax
paying profile.