Demonetisation: Taxmen suspect income mismatch in 18 lakh people

 Labelled ‘Operation Clean Money’, the I-T department has uploaded the first set of data on its electronic filing portal.  The Income Tax Department has identified 1.8 million people who have made cash deposits between November 10 and December 30 and suspects there is an income mismatch. Labelled 'Operation Clean Money', the I-T department has uploaded the first set of data on its electronic filing portal. “In its first phase, the Income Tax Department has identified 18 lakh (1.8 million) persons where cash deposited during demonetisation period is not in line with the taxpayers’ profile,” said a notice on the I-T department website. To find out whether one’s name is in the list, the department has asked individuals to log on to the I-T electronic filing website and look under 'cash transactions 2016’.

 If the individual’s name is on the list, they are required to submit an online response giving details on how they procured the cash which they had deposited during the period in question. Only if the department is satisfied with the response, it will close the case. Otherwise, action under the Income Tax Act will be taken. During the demonetisation period when old notes of Rs 500 and Rs 1000 were no longer legal tender, individuals were asked to visit their bank branches to exchange or deposit the old notes. If the account was KYC compliant, there was no limit on cash deposits into the account

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