Tax deptt scans 1-cr accounts under ‘Operation Clean Money’

In a bid to clamp down on unaccounted money funnelled into bank accounts post demonetisation, the tax department has scrutinised and matched as many as 1-crore accounts and asked 18 lakh people to explain the source of fund.
Tax deptt scans 1-cr accounts under ‘Operation Clean Money’
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In a bid to clamp down on unaccounted money funnelled into bank accounts post demonetisation, the tax department has scrutinised and matched as many as 1-crore accounts and asked 18 lakh people to explain the source of fund.

The tax department has run big data analytics through more than 1-crore accounts in its data bank and done matching with the taxpayer profile of the holder, a top source said.

As per I-T records, there are 3.65 crore individuals who filed income tax returns. Besides, there are over 7 lakh companies, 9.40 lakh Hindu Undivided Families (HUFs) and 9.18 lakh firms who filed ITRs during Assessment Year 2014-15. Also, over 25 crore zero-balance Jan Dhan accounts were opened as part of the financial inclusion drive.

Sources said I-T department is scrutinising all categories of accounts and will send out more SMS/emails for suspicious deposits under 'Operation Clean Money'.

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