This is in addition to 60,000 identified under Operation Clean Money 2.0
The income tax (I-T) department has identified 556,000 people for scrutiny over “huge inconsistencies” in the cash deposits made during the demonetisation period. This is the new addition to the tax data that had identified 60,000 people for investigation into claims of excessive cash sales under the IT Department’s Operation Clean Money phase-II.
“The identified people’s bank accounts saw a sudden surge of cash deposits, which raised a red flag in the system,” said a senior tax official.
The cash flow, the official said, was not limited to these people’s bank accounts but was also seen in various investments. → Efiling of Income Tax ←
Sources said the new data had been gathered from specified financial transactions (SFD) like banks, mutual funds, insurance companies. Tax authorities have started issuing notices to the people concerned, seeking explanation on being inconsistent in cash deposits. → Income Tax ←
Besides, 104,000 of 946,000 respondents have been caught for making partial disclosure of bank account details, after a query was raised by the department in this regard. According to tax officials, these are the people who hold multiple bank accounts but made disclosures about only one or two.
“30-40 per cent of identified people would go in the category of, or can be described as, high-risk persons,” said the official cited above...... Read Full Article
“The identified people’s bank accounts saw a sudden surge of cash deposits, which raised a red flag in the system,” said a senior tax official.
The cash flow, the official said, was not limited to these people’s bank accounts but was also seen in various investments. → Efiling of Income Tax ←
Sources said the new data had been gathered from specified financial transactions (SFD) like banks, mutual funds, insurance companies. Tax authorities have started issuing notices to the people concerned, seeking explanation on being inconsistent in cash deposits. → Income Tax ←
Besides, 104,000 of 946,000 respondents have been caught for making partial disclosure of bank account details, after a query was raised by the department in this regard. According to tax officials, these are the people who hold multiple bank accounts but made disclosures about only one or two.
“30-40 per cent of identified people would go in the category of, or can be described as, high-risk persons,” said the official cited above...... Read Full Article
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