5.27 lakh assessees respond to I-T query on cash deposits
February 14, 2017 00:14
The I-T department has said that 5.27 lakh assessees, out of 18 lakh who were sent SMS/emails for making suspicious deposits post demonetisation, have submitted their response and warned others of 'enforcement action' if they fail to respond by February 15.
It further said that 99.5 per cent of the 5.27 lakh assessees have confirmed the amount which they have deposited as cash during the 50-day demonetisation period ending December 30. These deposits were made in 7.41 lakh bank accounts.
"The operation has seen an overwhelming response and till February 12, 2017, more than 5.27 lakh taxpayers have already submitted their response," a CBDT statement said.
Responding to the SMS/email queries under 'Operation Clean Money', the assessees have disclosed additional 25,000 bank accounts in which cash was deposited.
"The department is encouraged to note that taxpayers have increased the cash deposit amount in nearly 90,000 accounts and provided details of additional 25,000 bank accounts in which cash was deposited.
"The explanation of cash deposit submitted by the taxpayer is being analysed in the context of nature of business and business profile in the earlier returns of the taxpayer," said CBDT, the apex policy making body of the I-T department.
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