The Income Tax Department has found one crore bank accounts where over two lakh rupees were desposited after demonetization. Out of them, during first phase of verification, 18 lakh accounts have been identified where tax-paying profile does not match with the income of account holders.<br/><br/>Briefing reporters in New Delhi, Chairman of Central Board of Direct Taxes, CBDT, Sushil Chandra said, the Department has developed a new software – Operation Clean Money to track deposits of money post demonetisation. <br/><br/>He said, initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December last year. Mr Chandra said, the Department has enabled online verification of these transactions to reduce compliance cost for the taxpayers while optimising its resources.<br/><br/>He said the PAN holder can view the information using the link Cash Transactions 2016 under Compliance section of the portal. <br/><br/>The taxpayer will be able to submit online explanation without any need to visit Income Tax office. Mr Chandra said the taxpayers covered in this phase will have to submit their response on the portal within 10 days to avoid any notice from the Income Tax Department and further actions. <br/><br/>Mr Chandra said if the source of cash is found justified by the Department, the verification will be closed automatically. He said, the verification will also be closed if cash deposit is declared under Pradhan Mantri Garib Kalayan Yojana.