Uses SFT to identify people who made high cash deposits during demonetisation period
New Delhi: In hot pursuit of black-money hoarders who may have made high-value cash deposits during the demonetisation window, the Income Tax Department has identified an additional 6.6 lakh people in the second phase of Operation Clean Money.
The Central Board of Direct Taxes (CBDT) has harvested information from the Statement of Financial Transactions (SFT) to identify 5.56 lakh new persons whose tax profiles were found to be inconsistent with their cash deposits during the 52-day demonetisation period.
It has also identified another 1.04 lakh persons who did not disclose all their bank accounts during e-verification in the first phase of the scheme.
“The information in respect of the cases and accounts identified has been made available in the e-filing window of the PAN holder at the portal www.incometaxindiaefiling.gov.in,” an official release stated on Friday, adding that taxpayers can submit online explanations without visiting the I-T office.
“All identified persons are being informed through e-mail and SMS for submitting response online,” it further said.
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