The Income Tax Department on Friday said it has identified 5.56 lakh persons whose cash deposits post note ban were found inconsistent with their tax profiles. It has also additionally identified 1.04 lakh persons who did not disclose all bank accounts during e-verification.
As per the media release published by the Income Tax Department today, in the first phase, 17.92 lakh persons had been identified for e-verification of large cash deposits, of which 9.72 Lakh people had submitted online response.
The IT department further said that the information regarding the cases and accounts identified has been made published in the e-filing window of the PAN holder at the portal http://incometaxindiaefiling.gov.in. The PAN holder, the release said can see the information using the link “Cash Transactions 2016” under ‘Compliance’ section of the portal. The release also said the taxpayer will be able to submit online explanation without any need to visit Income Tax office. All identified persons are being informed through Email and SMS for submitting response online.
Back in April, the tax department had notified the new Income Tax Return forms which added a new column seeking information on cash deposits above Rs 2 lakh made during the 50-day demonetisation period. This information will be matched with the information in possession of the I-T department. “The taxpayer should ensure that ITR is compliant with amount deposited in bank accounts during the period of demonetisation and while computing income, the amounts so deposited are considered/ taken into account while paying taxes,” the statement said.
Cash deposits made in the above period may thus be fully and truly disclosed in the ITR, it added.
(With PTI inputs)