Income Tax department launched phase second of the operation ‘Clean Money’ to detect black money post demonetisation on Friday. In this phase, the IT department will serve notices to 60,000 entities for black money transaction, according to an official statement.
The statement issued by Central Board Of Direct Taxes (CBDT), also revealed that the IT department detected Rs 9,334 crore undisclosed income post-demonetisation till Feb 28.
In the first phase of operation ‘Clean Money’, the income tax department scanned over 1 crore accounts and was considered a major success by the government.
“More than 60,000 persons, including 1,300 high-risk persons, have been identified for an investigation into claims of excessive cash sales during the demonetisation period. More than 6,000 transactions of high value property purchase and 6,600 cases of outward remittances shall be subjected to detailed investigations (under Operation Clean Money II).”
“All the cases where no response is received shall also be subjected to detailed enquiries,” the CBDT said.
A senior officer said advanced data analytics has been used to identify suspect cash deposits before launching the latest edition of the operation.
As part of the first phase of the ‘Operation Clean Money’, launched on January 31 this year, the department had sent online queries and investigated 17.92 lakh persons out of which 9.46 lakh persons have responded to the department.
Source: News Nation