In fresh crackdown on black money, Income Tax notice to 60,000 entities

The Income Tax department has identified about 60,000 individuals in the second phase of the 'Operation Clean Money' launched today.

The operation has been launched with an aim to detect black money created post demonetisation.

Advanced data analytics and integration of data sources, relationship clustering and fund tracking were used to identify the individuals.

The Central Board of Direct Taxes (CBDT), policy-making body of the department, said it has detected undisclosed income over Rs 9,334 crore between the period of November 9, 2016 till February 28 this year.

The notes ban was announced by Prime Minister Narendra Modi on November 8 last year. "More than 60,000 persons, including 1,300 high risk persons, have been identified for investigation into 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). "All the cases where no response is received shall also be subjected to detailed enquiries," the CBDT said.

A senior officer said advanced data analytics has been used to identify suspect cash deposits before launching the latest edition of the operation.

As part of the first phase of the 'Operation Clean Money', launched on January 31 this year, the department had sent online queries and investigated 17.92 lakh persons out of which 9.46 lakh persons have responded to the department.

With inputs from PTI

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