IT Department is likely to ignore all standalone deposits below Rs 5 lakh.
On Friday, the Income Tax Department launched the 2nd phase of Operation ‘Clean Money’ to detect flow of black money into banks after demonetization drive announced by PM Modi on 8th November 2016.
I-T department seeks to issue notices to 60 thousand entities regarding this. According to the Central Board of Direct Taxation (CBDT), the I-T department has detected unaccounted income worth ₹9,334 crore after demonetization till 28th February 2017.
CBDT in the statement, said that ‘Operation Clean Money’ is being conducted by the tax authority through use of advanced data analytics allowing “optimization of govt resources & causing min. inconvenience to taxpayers”. It also said the impact of the decision is already visible as the govt has seen an increase of 21.7% in the returns of income received in the Financial Year 2016-2017.
Besides, 16% growth in the gross collection was seen, highest in the last 5 years, & 14% growth in net collection- the highest in last 3 years.
The statement added that the demonetization move was clearly aimed at eliminating black money is one of the major steps aimed to achieve this goal & also widen the tax base.
According to an report by news agency PTI, the dept, in its search, is likely to ignore deposits below ₹5,00,000.
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