Continuing with its efforts to curb black money, the Income Tax Department said today that 5,56,000 more people have been identified who had deposited large amounts of cash after the demonetization of Rs 500 and Rs 1,000 currency notes. The I-T department said that the money deposited by these people does not match their income, as evident in their tax returns. Additionally, 1.04 lakh people have also been identified who failed to disclose all their bank accounts during the e-verification process. It may be recalled that the e-verification was conducted for 17.92 lakh people in the first phase, out of which 9.72 lakh people had responded and submitted their response online.
People can view their cash details on government’s income tax filing website. The information would be listed in the link “Cash Transactions 2016” under ‘Compliance’ section. Such people can submit their explanation online and there is no need to visit Income Tax office. The Income Tax department is sending emails and SMSs to all people who have been identified under Operation Clean Money.