New Delhi: Income Tax (I-T) Department’s status report on “Operation Clean Money” collated in May 2017 based on cash deposits made in banks during the 50 day window post demonetisation suggests nearly 18 lakh companies and individuals involved in transactions not in line with their tax paying profile.
These entities had disclosed income in their tax returns lower than the cash deposits during 50 days ending December 30, 2016 that the government had given to people to deposit the newly illegalised tenders.
In a report by Moneycontrol, the I-T Department informed that these 18 lakh entities are under the government scrutiny.
“The cash deposit data was analysed to identify persons whose cash transactions did not appear in line with their tax paying profile. This analysis resulted in identification of about 17.92 lakh persons for verification process,” a source, who did not wish to be identified, said.
Read More: EXCLUSIVE | Demonetisation: How crores of undisclosed cash moved into lakhs of bank accounts
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