Income-tax department said that it is launching the second phase of Operation Clean Money and identified 60,000 persons who made excessive cash deposits during demonetisation period.
After the note ban, 60,000 persons have deposited the excessive cash and most of the people dealing with the high-value property, said Income tax Department.
The income tax department said that it would be launching the second phase of Operation Clean Money (OCM), in which among the 60,000 persons, 1,300 are the ‘High risk’ ones who will be examined for having excess cash sales during the demonetisation time.
As a part of OCM, it will investigate more than 6,000 transactions of the high-value property and 6,600 cases will be probed.
The administration had allowed the people to deposit the scrapped notes in the banks in between November 9 – December 30.
The department will probe the people who have deposited the excessive cash during the demonetization period. The probe may be done in the petrol pumps and in the other services like hospitals.
Central Board of Direct Taxes (CBDT) said that it would take more than one year to investigate the accounts but with the help of technology, all the responsible accounts will be brought to tax.
The investigation will happen in many administration and public sector employees who have made large cash deposits, who have made the purchases of high value, those who did not give a response to the taxmen’s queries in the first phase of the operation and who have laundered the funds by using shell companies.
An official said that an Initial notification will be sent to the 60,000 people through an online mode, later the taxman will undertake the search and takes necessary actions and also seeks the documents for assessing. The department had identified the 60,000 persons using the technology of advanced data analytics, integration of data sources, relationship clustering and fund tracking.
The department had launched the first phase of the Operational Clean Money on January 31 and identified around 18 lakh people who made the cash transactions that didn’t come under in line with the tax profile.
Among them only, 9.46 lakh persons have responded on the parameters of the source of the cash deposits. 35,000 cases were raised in Online for queries and on-line verification was completed in more than 7,800 cases.
CBDT said that the main cause of Demonetisation is to eliminate the black money which casts the shadow of the parallel economy on the country real economy and the operations were one of the major steps aimed to achieve this goal and also widen the tax base.