The Income Tax department has said more than 5(point)27 lakh tax payers, out of 18 lakh who were sent SMS and emails for making suspicious deposits post demonetization, have submitted their response. The department had initiated Operation Clean Money on 31st of last month for the e-verification of large cash deposits made during the period from 9th November to 30th December, 2016. <br/><br/>Finance Ministry has warned others of enforcement action if they fail to respond by tomorrow. Responding to the SMS and email queries, the taxpayers have disclosed additional 25 thousand bank accounts in which cash was deposited. the Ministry said, the department has identified around 4.84 lakh taxpayers who are not yet registered with the e-filing portal and has sent SMS to them. Last week the Income tax department had extended the last date for response till tomorrow. Central Board of Direct Taxes had asked the taxpayers to submit their response within this further extended period with a view to avoid enforcement actions under the Income-tax Act.
News On AIR | February 14, 2017 7:17 AM
5.27 lakh tax payers submit response to Query on cash deposits: I-T dept