5.27 lakh taxpayers explain cash deposits made during note ban

More than two-thirds of the 18 lakh taxpayers who have been told to provide information about their old currency deposits during the demonetisation period are yet to respond, the income-tax department has said. 

Only 5.27 lakh such taxpayers have submitted online response on the e-filing portal under the 'Operation Clean Money' initiative, the I-T department said on Monday. These taxpayers have confirmed 7.41 lakh accounts and cash deposit amount has been confirmed in more than 99.5% accounts, it said. 

The department has extended the date for filing response to February 15 and also issued detailed clarification through a set of FAQs. 

The income tax department said taxpayers have increased the cash deposit amount in nearly 90,000 accounts and provided details of additional 25,000 bank accounts in which cash was deposited. 

"The explanation of cash deposit submitted by the taxpayer is being analysed in the context of nature of business and business profile in the earlier returns of the taxpayer," the department said. 

About 4.84 lakh taxpayers are not yet registered with the e-filing portal. The department has sent SMS to these unregistered persons. 

"Income-tax department is keeping a vigil on the PAN holders who have still not registered on the e-filing portal or who have not yet submitted their online response," the statement said. 

Source : ETwealth