Income Tax Department launches Operation Clean Money to verify demonetisation data with tax payers filings
Indias Income Tax Department has launched Operation Clean Money on Tuesday to verify deposited demonetised notes with tax payers IT filings.
With an aim to verify tax payers' deposited demonetised notes with the income tax filing data, Income Tax Department (ITD) launched Operation Clean Money on Tuesday.
“Initial phase of the operation involves e-verification of large cash deposits made during November 9 to December 30, 2016. Data analytics has been used for comparing the demonetisation data with information in ITD databases,” the Ministry of Finance said quoting commissioner of Income Tax and official spokesperson of CBDT Meenakshi J Goswami, as saying in an official press release.
Banks will now tell Income Tax Department if you deposit more than Rs 10 lakh in a year
According to the release, in the first batch, around 18 lakh persons have been identified in whose case, cash transactions do not appear to be in line with the tax payer’s profile.
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