I-T says 14,000 properties of over Rs 1 crore each under scrutiny as owners have not filed returns
The Income Tax Department (ITD) today said that about 14,000 properties worth over Rs 1 crore each are under its scrutiny as their owners have not filed income returns.
Using data analytics, 13.33 lakh accounts of some 9.72 lakh persons with unusual cash deposits of around Rs 2.89 lakh crore was identified and response sought.
The resource was captured "within a short span of 3-4 weeks," the statement said, without saying how many of them were genuine deposits and how many were unaccounted money. → Income Tax Filing ←
It also did not give details of tax collected on unaccounted money.
The Operation Clean money has since moved into the next phase that "includes enforcement actions in high risk cases, taxpayer engagement through a dedicated website in medium risk cases and close monitoring in low risk cases.
"The exercise has also unearthed large number of persons and clusters having suspect transactions. These include about 14,000 properties of more than Rs 1 crore each where persons have not even filed Income Tax Return.
"The investigations are in progress," the statement said.
The high, medium and low risk cases have been identified through the use of advanced data analytics, including integration of data sources, relationship clustering and fund tracking.... Read Full Article
Using data analytics, 13.33 lakh accounts of some 9.72 lakh persons with unusual cash deposits of around Rs 2.89 lakh crore was identified and response sought.
The resource was captured "within a short span of 3-4 weeks," the statement said, without saying how many of them were genuine deposits and how many were unaccounted money. → Income Tax Filing ←
It also did not give details of tax collected on unaccounted money.
The Operation Clean money has since moved into the next phase that "includes enforcement actions in high risk cases, taxpayer engagement through a dedicated website in medium risk cases and close monitoring in low risk cases.
"The exercise has also unearthed large number of persons and clusters having suspect transactions. These include about 14,000 properties of more than Rs 1 crore each where persons have not even filed Income Tax Return.
"The investigations are in progress," the statement said.
The high, medium and low risk cases have been identified through the use of advanced data analytics, including integration of data sources, relationship clustering and fund tracking.... Read Full Article
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