Op Clean Money: 7.3 Lakh Ex­plain Cash De­posits Made Dur­ing De­mon­eti­sa­tion

The Economic Times - - Economy: Macro, Micro & More - Deepshikha.Sikar­war @times­group.com

New Delhi: About 40% of peo­ple who were told to ex­plain their cash de­posit dur­ing the de­mon­eti­sa­tion pe­riod have done it by the Fe­bru­ary15 dead­line set by the in­come-tax depart­ment.

“7.3 lakh peo­ple have logged on­line to of­fer their ex­pla­na­tion,” a se­nior gov­ern­ment of­fi­cial told ET. The I-T depart­ment had asked 18 lakh peo­ple to ex­plain their cash de­posits.

“The depart­ment will now de­cide the next course of ac­tion for the 10.7 lakh peo­ple who have not re­sponded,” he said.

The depart­ment had last week ex­tended the dead­line for pro­vid­ing ex­pla­na­tion for de­posits and also is­sued a set of clar­i­fi­ca­tions through FAQs to ad­dress all queries.

It had, un­der 'Op­er­a­tion Clean Money' ini­tia­tive, sent SMS and emails to 18 lakh peo­ple with de­posits of over ₹ 5 lakh dur­ing the 50-day win­dow that was seen to be in­con­sis­tent with their in­come. The depart­ment has roped in out­side ex­perts to work on the data to catch more sus­pect trans­ac­tions.

It is ex­pected to come up with a new list of peo­ple for en­quiry af­ter deeper anal­y­sis of the data for the de­mon­eti­sa­tion pe­riod. I-T sleuths are now ex­am­in­ing the re­sponses of­fered by 7.3 lakh as­sesses. The depart­ment ex­pects many of them to avail the Prad­han Mantri Garib Kalyan Yo­jana, 2016, by March 31, pay­ing 50% tax and putting 25% of the amount in four-year in­ter­est free de­posit. Tax ex­perts ET spoke to say the I-T depart­ment may have to send for­mal in­come tax notices to the 10.7 lakh peo­ple who have not of­fered any ex­pla­na­tion for their de­posit as SMS and email cor­re­spon­dences do not have any le­gal back­ing.

This is likely only af­ter March 31 when the Prad­han Mantri Garib Kalyan Yo­jana ends, as there is a chance some of these peo­ple de­clare these de­posits un­der the scheme.

KNOCK, KNOCK Tax ex­perts say I-T dept may have to send for­mal notices to10.7 lakh peo­ple who haven’t of­fered any ex­pla­na­tion for their de­posits

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