After failing to receive much response from Pradhan Mantri Garib Kalyan Yojana (PMGKY) – an income declaration scheme, the income-tax department has launched the second phase of operation ‘Clean Money.’
The mission, launched on January 31, was initiated to trace black money post-demonetisation and under the move, the I-T department had issued notices to 60,000 entities, including 1,300 high-risk persons.
The IT department has found Rs 9334 crore undisclosed income post-demonetisation till Feb 28, said central board of direct taxes (CBDT). “All the cases where no response is received shall also be subjected to detailed inquiries,” the CBDT said as per a report in Financial Express.
Advanced data analytics has been used to recognize suspect cash deposits, a senior officer said. As part of the first phase of the ‘Operation Clean Money’, the department had sent online queries and probed 17.92 lakh persons out of which 9.46 lakh have reverted to the department.
Several places were raided in Delhi and 200 shell companies were found, most of them converted black money. Under this mission, the IT department aims to catch tax evaders who could have deposited large amounts during the demonetization force. The data analytics firm has been evaluating the deposits in bank accounts before and after November 8, 2016.
