Over 5.5 lakh people under I-T department's radar for deposits post demonetisation

Under the Pradhan Mantri Garib Kalyan Yojana, 2016, the government had also given people one last opportunity to come clean.

After almost seven months of launching the demonetisation initiative, the Income Tax department is set to contact over 5.5 lakh people whose tax profile was not consistent with the deposits made.

Around one lakh people are in the governemnt's radar for not disclosing all their bank accounts.

Income tax authorities are using data analytics to identify suspicious transactions and would be sending out SMSs/e-mails to over 5.5 lakh people, said reports.

Under operation clean money, the IT department would ask these people explain the discrepencies in their deposites and income profiles.

The information about these deposits have been uploaded on the e-filing window of the PAN-holder on the income tax department's website.

The government on November 8 last year demonetised Rs 500 and Rs 1,000 currency notes, giving people time till December 30 to deposit the cancelled currency.

The scrutiny is especially focused on those who deposited over Rs 2 lakh in demonetised currency.

Under the Pradhan Mantri Garib Kalyan Yojana, 2016, the government had also given people one last opportunity to come clean.

OneIndia News