The Government of India today extended the window till February 15 by 5 days for tax assessees who are receiving SMS or e-mail queries from the Income Tax (IT) department on cash deposits at banks and financial institutions post demonetisation.
The IT department tweeted, “ Time limit for filing of online response to cash deposit data extended! Now you can file your details by February 15, 2017, #Operation Clean Money.” Operation Clean Money was launched on January 31 by the IT department. The tax department had sent SMS and e-mails to 18 lakh assessees in the initial 10-day window phase for suspicious cash deposits of Rs 5 lakh.
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The assessees had to reply these queries by logging in the e-filing portal of the IT department within those 10 days after receiving the receipt of communication. After the demonetisation move was undertaken by the Narendra Modi government on November 8, it asked holders of old demonetised notes of 500 and 1000, to deposit them in bank accounts by December 30.
Govt extends time limit for filing online response to email queries on deposits post note ban till Feb 15 under #OperationCleanMoney.
— Press Trust of India (@PTI_News) February 11, 2017
Since then, the IT department has collected huge amounts of deposits made in banks. The IT officials matched the cash deposit data with the profile assessees and when they find a mismatch, they send SMS and e-mails.
Post the demonetisation move, general public was very badly affected, mostly the middle-class and the lower-class people. Long queues were seen outside banks and ATMs, as people had to exchange the old demonetised notes of 500 and 1000. The Reserve Bank of India (RBI) was also under immense pressure as it wasn’t prepared with the new notes of 500 and 2000 sufficiently. Most of the ATMs had deserted looks as people withdrew money mostly in the multiples of 100 within two days of declaration of demonetisation move.