In yet another major crackdown on black money, the Income Tax department will probe 60,000 entities which have claimed excessive cash sales during demonetisation period. The second phase of operation clean money was launched on Friday to to detect black money generation post demonetisation, reports PTI.
Under the first phase of operation clean money that was launched on January 31, the department had sent online queries and investigated over 17 lakh individuals out of whom over 9 lakh people have responded to the department.
The report also says that Central Board of Direct Taxes has detected undisclosed income worth over Rs. 9,334 crores between the period of November 9, 2016 and February 28 this year. Notedly, Prime minister Narendra Modi outlawed high value notes-Rs 500 and Rs 1000-on November 8 last year to curb black money hoarding.
“More than 60,000 persons, including 1,300 high risk persons, have been identified for investigation into the 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),” the Income Tax department said.
“All the cases where no response is received shall also be subjected to detailed enquiries,” the CBDT said.
The tax agency is reported to have used Advanced data analytics to detect suspect cash deposits.
Advanced data analytics have been used to identify suspect cash deposits before launching the latest edition of the operation, a senior officer told PTI.
