Under 'Operation Clean Money', the I-T department had sent SMS and e-mails to 18 lakh people who had made suspicious deposits of over Rs 5 lakh.
More than 7 lakh assessees have responded to queries through SMS, e-mail on bank deposits made after demonetization. Out of these 7 lakh respondants, more than 99% have accepted that their data on deposits are correct.
Under 'Operation Clean Money', the I-T department had sent SMS and e-mails to 18 lakh people, who according to data analysis had made suspicious deposits of over Rs 5 lakh during the 50-day window provided to get rid demonetized Rs 500 and Rs 1000 notes following the announcement on November 8. These 18 lakh people were asked to clarify on the deposits and source by February 15.
On Thursday, sources reported that as many as 9 lakh accounts of the 18 lakh people who have received an SMS or email query are considered "doubtful."
Sources in the government said those who did not reply must have "good legal explanation" for their cash deposits and may have chosen to show them in tax returns.
But a mere showing the same in income tax returns is not sufficient as any abnormal rise in income for 2016-17 over previous years will be considered as unaccounted wealth or blackmoney and treated as per law.
"However, since the SMS and e-mail correspondence do not have any legal backing, the department will have to send formal notices and then wait till March 31 for the end of (tax amnesty scheme) PMGKY and then take action against doubtful cases," a source told told PTI.
However, as the method of enquiry--SMS and e-mail--do not have any legal backing, the department will have to send formal notices. Since Pradhan Mantri Garib Kalyan Yojana (PMGKY) runs till March 31, action against any depositor can be taken only after the scheme closes as the depositor may choose to disclose the wealth and pay taxes.
Under PMGKY, citizens have been offered to come clean by 50% of their unaccounted money as tax, penalty and surcharge while parking an additional 25% in a non-interest bearing deposit for four years.
(With PTI inputs)
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