The battle against black money
While tainted money and corruption cant be completely eradicated, the present dispensation has been zealously pursuing policies to minimise them
The Income-Tax department will be sending notices to 5.56 lakh newly identified people who deposited cash during the demonetisation drive under the second phase of 'Operation Clean Money'.
It has also identified another one lakh persons who did not disclose all bank accounts during the e-verification process in the first phase of the operation.
On the new list of suspects, the Finance Ministry in a statement on Friday said, "These are persons whose tax profiles were found to be inconsistent with the cash deposits made by them during the demonetisation period."
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During the first phase of the operation against black money, 17.92 lakh persons had been identified for e-verification of large cash deposits, of which 9.72 lakh people had submitted online responses.
The I-T department is using a data analytics tool to identify individuals as well as companies who are not compliant and whose income profile does not match with the taxes paid.
At present, the department will ask all the 6.5 lakh persons to submit online explanations without having to visit the I-T office. Under the income tax return filing norm, the finance ministry had made it mandatory to disclose the details of cash deposit above 2 lakhs in accounts during the demonetisation period.
The department will then check and match this information to verify misreporting or under-reporting. The government had earlier given an opportunity to come clean and disclose all assets under the Pradhan Mantri Garib Kalyan Yojana. However, the government was only able to garner around Rs 5,000 crore from the scheme.
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