18 lakh people, who made suspicious cash deposits post demonetisation, have been identified by the Income Tax department.
I-T department will send emails and SMSes seeking explanation about their source of funds. Those who deposited over Rs 5 lakh will also come under the I-T scanner.
These people will have to reply within 10 days to avoid any notice from the tax department or further enforcement action.
The I-T department on Tuesday launched ‘Operation Clean Money’ project under which CBDT, with data analysis and profiling of assessees, will send e-communications to people whose cash deposits post November 8 note ban do not match their income, News 18 reported.
“Operation Clean Money/Swachh Dhan Abhiyan is a programming software which will be used to get answers on all the deposits made and after preliminary answers from the people. Then only, if need be, we would take legal action against those people,” Revenue Secretary Hasmukh Adhia told media.
Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra told media that tax department has compiled huge data which shows that there are over 1 crore accounts where above Rs 2 lakh money have been deposited and involves unique PAN of 70 lakh persons.