Suspicious bank deposits of Rs 250 crore detected

Source: The Hitavada      Date: 03 Mar 2017 09:03:33


NEW DELHI,

Feb 3,

(PTI),

THE Income Tax Department has detected over Rs 250 crore of undisclosed income of hundreds of people who made huge deposits post demonetisation but didn’t respond to taxmen’s queries on it under ‘Operation Clean Money’.


Officials said multiple I-T teams have conducted over 230 surveys countrywide, covering only business premises of an individual or entity, till now in States like Punjab, Gujarat, Maharashtra, Tamil Nadu, Karnataka, and in the national capital.


They said the surveys led to the detection of over Rs 250 crore suspected funds which are now expected to be declared under the Pradhan Mantri Garib Kalyan Yojna, the ongoing black money declaration window-- operational till March 31.


Meanwhile, the Department has brought on board two firms to conduct a heavy volume data mining of the responses and data received from about 6 lakh till February 15-- when the ‘Operation Clean Money’ expired.
The Department had sent SMSes and emails to 18 lakh people who made suspicious deposits of over Rs 5 lakh during the 50-day demonetisation period as part
of this operation.


Close to 6 lakh people have replied on the e-filing portal and have acknowledged to have made such deposits.
“The survey operations will be intensified based on the results of the data mining. Over 230 such operations have already been launched till now. Over Rs 250 crore stashed funds have been detected as part of these operations,” a senior I-T officer said.


The Central Board of Direct Taxes (CBDT), the policy- making body of the I-T Department, had recently directed taxmen to ensure there is no “threat, warning or show cause” notice to taxpayers contacted by it under the ‘Operation Clean Money’.


The CBDT has also said verification under this exercise should be completed quickly so that erring taxpayers can avail the one-time window of the Pradhan Mantri Garib Kalyan Yojna (PMGKY) that ends on March 31.