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Operation Clean Money, Phase II: 60,000 accounts to be investegated

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New Delhi, April 14: The second phase of the ‘Operation Clean Money’ to detect black money was launched on Friday and under the radar of Income Tax department are over 60,000 individuals.

Post demonetization, the Central Board of Direct Taxes (CBDT) has said that it has detected undisclosed income over Rs 9,334 crore between the period of November 9, 2016 till February 28 this year.

“More than 60,000 persons, including 1,300 high risk persons, have been identified for investigation into claims of excessive cash sales during the demonetisation period. More than 6,000 transactions of high value property purchase and 6,600 cases of outward remittances shall be subjected to detailed investigations (under Operation Clean Money II),” said CBDT sharing the crackdown on undisclosed income.

Further the IT department has made it clear that all cases where response is not received shall be subjected to detailed enquiries.

Reportedly the department has used advanced data analytics to identify unaccounted cash deposits and the four phase of operation clean money was launched based on the data recieved.

The first phase of the Clean Money Operation was launched on January 31 , one month after the noteban window was closed. In this phase the IT department had sent online queries to investigate 17.92 lakh persons. As much as 9.46 lakh persons responded to the queries raised by IT department.

Wefornews Bureau

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