Post demonetisation Modi government has identified 18 lakh people for high deposits, sources told ET Now. “Government has asked the identified taxpayers to answer questions detailing deposits,” sources further said. “Government has sent letters to 7.5 lakh high-value depositors to declare under PMGKY by March. Action will be taken against high-value depositors not paying penalty via PMGKY,” they added.
Recently, The Income Tax department also identified people who made ‘suspicious’ cash deposits post demonetisation, including those having deposited over Rs 5 lakh. I-T department said that emails and SMSes will be sent to them seeking explanation about their source of funds. These people will have to reply within 10 days to avoid any notice from the tax department or further enforcement action. The department launched ‘Operation Clean Money’ project under which Central Board of Direct Taxes (CBDT), with data analysis and profiling of assessees, will send e-communications to people whose cash deposits post November 8 note ban do not match their income.
“Operation Clean Money/Swachh Dhan Abhiyan is a programming software which will be used to get answers on all the deposits made and after preliminary answers from the people. Then only, if need be, we would take legal action against those people,” Revenue Secretary Hasmukh Adhia said. CBDT Chairman Sushil Chandra said 10 days’ time would be given to people to reply to the e-communication and replies can be filed by logging on to the e-filing portal of the I-T department.