IT identifies 5.56 lakh new bank accounts with suspicious deposits during demonetisation

5.56 lakh persons identified in second phase of Operation Clean Money

5.56 lakh people face tax probe for large cash deposits during demonetisation

All identified persons are being informed through Email and SMS for submitting response online.

After nearly seven months of launching the demonetisation initiative, the Income Tax department is set to contact over 5.5 lakh people whose tax profile was not consistent with the deposits made.

The information about these deposits have been uploaded on the e-filing window of the PAN-holder on the income tax department's website. The PAN holder can view the information using the link "Cash Transactions 2016" under "Compliance" section of the portal.

As per the media release published by the Income Tax Department today, in the first phase, 17.92 lakh persons had been identified for e-verification of large cash deposits, of which 9.72 Lakh people had submitted online response.

Another 1.04 lakh persons, who did not disclose all their bank accounts during e-verification in the first phase of OCM, have also been identified.

-Details of cash deposited in bank accounts aggregating to two lakh or more is required to be given in the Income Tax Return (ITR). This information will be matched with the information in possession of the income tax department.

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-The taxpayer should ensure that ITR is compliant with amount deposited in bank accounts during the period of demonetization and while computing income, the amounts so deposited are considered/ taken into account while paying taxes.

-Cash deposits made in the above period may thus be fully and truly disclosed in the ITR.

The Operation Clean Money has a portal - - which was launched on May 16.

Under "Operation Clean Money" launched by the I-T department on January 31, the department has sent SMS and e-mails to 17.92 lakh people who have made suspicious deposits of Rs 5 lakh and above between November 10 and December 30. In addition to the earlier around 18 lakh cases, 5.68 lakh new cases had been identified for the e-verification process.

This is the second list from the Income Tax department.

The scrutiny is especially focused on those who deposited over Rs 2 lakh in demonetised currency.

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