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Home » Economy » Reply date for I-T queries on deposits extended till Feb 15

Reply date for I-T queries on deposits extended till Feb 15

By Newsd
Updated on :
"Income Tax Department,BKC ,Bandra, Mumbai." *** Local Caption *** "Income Tax Department,BKC ,Bandra, Mumbai. Express photo by Vasant Prabhu. 11�82012."

The government on Saturday extended the deadline for reply to SMS or e-mail queries from the income tax department on cash deposits made post demonetisation by 5 days to February 15.

“Time limit for filing of online response to cash deposit data extended! Now you can file your details by February 15, 2017, #Operation Clean Money,” the I-T department said in a tweet.

On January 31, the tax department had launched ‘Operation Clean Money’ under which it had sent SMS and e-mails to 18 lakh assessees in the initial phase for suspicious cash deposits of Rs 5 lakh and above made during November 9-December 30, 2016.

These people had to reply to these queries by logging onto the e-filing portal of the I-T department within 10 days of receipt of communication.Post

Post demonetisation of 500 and 1,000 rupee notes on November 8, the government had asked holders of such notes to deposit them in bank accounts by December 30.The department has since garnered a large amount of data on deposits made in banks. It has also segregated the data for deposits between Rs 2 lakh and Rs 80 lakh and Rs 80 lakh and above.

The department has since garnered a large amount of data on deposits made in banks. It has also segregated the data for deposits between Rs 2 lakh and Rs 80 lakh and Rs 80 lakh and above.

It has matched the cash deposit data with the profile of the assessee and in case of a mismatch, the department sent out SMS and e-mails.

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