I-T notices to over 18 lakh taxpayers to explain large deposits

Ayupp

New Delhi, Income tax Department- Many would have thought tha they have converted their all the black money into white so easily. however a shock to them the Income Ta department is finalizing to send notices to a large number, over 18 lacks people are going to receive income tax notice over depositing money in the bank recently

The Income Tax Department has identified 18 lakh taxpayers who will be served notices to seek  explanation within 10 days.

As per the tax officials, the transactions carried out by these taxpayers post demonetisation and were not in sync with earliar declarations. out of line.

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Income Tax Department (ITD) launches Operation Clean Money

The Operationtermend as  "Operation Clean Money",  where in data analytics has been made use of to analyse the data of money received between November 9 and December 30, 2016.

The I-T Department has started Operation Clean Money. The first phase of the operation involves e-verification of large cash deposits made during November 9 to December 30, 2016.

The Income Tax Department has enabled online verification of these transactions to reduce compliance cost for the taxpayers while optimizing its resources,"  as per the statement.



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