I-T dept to launch 2nd phase of unaccounted money scrutiny
Posted on: 21/Feb/2017 12:58:00 PM
The Income Tax department will soon launch the second phase of its operation to find out whether black money has been deposited in the banks. The I-T department will appoint two data analytics firm for this job. After the Rs 500 and Rs 1000 currencies were demonetized, the I-T department had a doubt that whether savings account could be used to exchange the black money.
In the first phase of the project code named Operation Clean Money, the department explored the savings accounts of people who made suspicious deposits over Rs 5 lakh. The department sent SMS/emails to 18 lakh people who made suspicious deposits. The last date for the people to respond was 15th February. So far 7 Lakhs people have submitted their explanations. Now the I T Department is likely to launch the second phase of Operation Clean Money.
An official of I T Department while speaking about this said: We are vigilantly analyzing the accounts to see that any black money has been deposited through Operation Clean Money project. The Department will attempt to link individuals with multiple accounts or PAN numbers who have deposited large sums of money. Currently the deposits below Rs 5 Lakhs have not been taken in for verification. If a person does not submit PAN card details to banks, his address, telephone number and e mail address will be available in banks. Only on this basis the bank accounts are audited.
Hence it has been decided to analyze the accounts based on the address, telephone number and e mail addresses. In the next 10 days all the deposit details will be obtained from the banks. The Income Tax department will appoint two data analytics firms in next 10 days to analyze the deposits in bank accounts before and after November 8 last year. However, the biggest challenge the I-T Department is facing is that a large number of people are not registered on the income tax portal. The data churning by the I-T department is likely to go on for at least two years.
