Operation Clean Money: Govt extends reply date to I-T deposit queries till Feb 15

Government on Saturday extended the window for assessees receiving SMS or e-mail queries from the income tax department on cash deposits post demonetization by 5 days to February 15.

"Time limit for filing of online response to cash deposit data extended! Now you can file your details by February 15, 2017, #Operation Clean Money," the I-T department said in a tweet.

On January 31, the tax department had launched 'Operation Clean Money' under which it had sent SMS and e-mails to 18 lakh assessees in the initial phase for suspicious cash deposits of Rs 5 lakh and above made during November 9-December 30, 2016.

These people had to reply to these queries by logging onto the e-filing portal of the I-T department within 10 days of receipt of communication.

Post demonetization of 500 and 1,000 rupee notes on November 8, the government had asked holders of such notes to deposit them in bank accounts by December 30.

The department has since garnered a large amount of data on deposits made in banks. It has also segregated the data for deposits between Rs 2 lakh to Rs 80 lakh, and Rs 80 lakh and above.

It has matched the cash deposit data with the profile of the assessee and in case of a mismatch, the department sent out SMS and e-mails.