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Friday , 24 November 2017
Breaking News

5.3 lakh taxpayers file their responses explaining cash deposits

After the Income Tax department sent emails/SMS, asking taxpayers to submit their responses regarding cash deposits made by them during demonetization, around 5.27 lakh people have filed their responses on the e-filing portal. The Income Tax department had sent emails/SMS to around 18 lakh people, as part of the ‘Operation Clean Money’ initiative. The 5.27 lakh taxpayers who have filed their responses have confirmed their deposits in around 7.41 lakh accounts. The exact amount deposited in these accounts has been confirmed by 99.5% account holders. The last day of filing the responses has been extended to February 15. The responses are to be filed as per detailed directions provided through a set of FAQs.

However, the figure of 5.27 lakh people submitting their responses is not adequate since it comprises only about one-third of the total 18 lakh people who were asked to respond. Even if the list of 4.84 lakh taxpayers who are not yet registered on the e-filing portal is excluded, it still leaves lakhs of people who are yet to file their responses. The Income Tax department is tracking depositors who have not yet registered on the e-filing portal and those who have not submitted their responses. The Income Tax department will take further action after analyzing the previous returns filed by such people and determining whether or not their deposits match the nature of their business or profession.

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