With two days left for taxpayers to file online responses under Operation Clean Money, the income-tax department said that 5.27 lakh out of total 18 lakh assessees who were sent SMS/emails for making suspicious deposits post demonetisation, have submitted their responses. 99.5 per cent of the 5.27 lakh assessees have confirmed the cash deposits in 7.41 lakh bank accounts during the 50-day post-demonetisation deposit period, which ended December 30.
Also, 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 tax department said.
“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,” a CBDT statement said.
The assessees have disclosed additional 25,000 bank accounts in which cash was deposited. The tax department has also identified around 4.84 lakh taxpayers who are not yet registered with the e-filing portal and has sent SMS to them.
“Income tax department is keeping a vigil on the PAN holders who have still not registered on the e-filing portal or who have not yet submitted their online response. Such taxpayers are advised to register themselves at the e-filing portal https://incometaxindiaefiling.gov.in. and submit online explanation,” it added.
The tax department warned of ‘enforcement action’ if taxpayers fail to respond by February 15.
“The taxpayers should submit their response within this further extended period with a view to avoid enforcement actions under the Income-tax Act and other applicable laws,” the CBDT said.
Under Operation Clean Money launched on January 31, the department had sent SMS/email queries to 18 lakh assessees for making suspicious cash deposits of over Rs 5 lakh and had given time of 10 days to reply on the e-filing portal.
Last week, the tax department extended the last date for filing responses till February 15 and issued a set of FAQs to clarify queries of taxpayers. In a separate release, the income tax department said that it has issued refunds worth Rs 1.42 lakh crore so far this fiscal till February 10, 41.5 per cent higher than last year.
The Centralised Processing Centre (CPC) of the tax department has already processed over 4.19 crore income tax returns (ITRs) and issued over 1.62 crore refunds during the current fiscal up to February 10, 2017.
About 92 per cent of the refunds are below Rs 50,000, with only 2 per cent of refunds less than Rs 50,000 remaining to be issued.