Operation Clean Money: How IT department detected 1,300 high risk persons
The Income Tax Department said that it had identified 60,000 persons who had indulged in excessive cash sales during the demonetisation period of November and December. Out of this 1,300 are high-risk persons, the department has claimed. "This is the second round of clean up post the decision on demonetisation," the Central Board of Direct Taxes has said.
The high-risk persons were identified after a detailed probe using data analysis and integration of data sources. The high-risk categories identified include businesses claiming cash sales as the source of cash deposits that has been found to be in excess of their past profile or industry norms, large cash deposits made by government or PSU employees, persons who have undertaken high value purchases, persons who have used shell entities for layering of funds and where no responses were received.
The CBDT said that it had detected undisclosed income over Rs 9,334 crore between the period of November 9, 2016 till February 28 this year. As part of Operation Clean Money that was launched on January 31, 2017, communications had been sent to 18 lakh persons. They were asked to respond online to specific queries relating to cash deposits made between November 9 and December 30, 2016.
Out of the 17.92 lakh persons to whom the queries were sent by the tax department under the first phase of operation Clean Money, 9.46 lakh persons have responded to the department as per pre-defined parametres of sources of the cash deposits.