The Income Tax department on Friday launched the second phase of its ‘Operation Clean Money’ to detect black money after demonetisation and is set to issue notices to 60,000 entities.
The department has detected Rs 9,334 crore of undisclosed income post-demonetisation till February 28
It had initiated Operation Clean Money on January 31 to leverage technology for e-verification of cash deposits made post-demonetisation between November 9 and December 30, 2016.During the first phase of the operation, the department had sent SMS and emails to 18 lakh people who made suspicious deposits of Rs 5 lakh and above during the period.
On April 9, the Centre told the Supreme Court that Rs 5,400 crore worth of "undisclosed income" was detected by law-enforcing agencies till January 10 since demonetisation came into force last November.
The department has used data analytics for comparison of deposits made after the November 8 decision to scrap high-value banknotes with information in its database to identify tax-payers whose cash transactions do not appear to be in line with the tax-paying profile.
It has also asked taxpayers to e-verify the deposits they made in their accounts post demonetisation and respond to queries of any mismatch on the tax e-filing portal.
(With agency inputs)
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