Over 5.27 Lakh Taxpayers Submit Response To I-T For Large Deposits 

New Delhi: Over 5.27 lakh taxpayers have submitted response to explain their large deposits to the I-T department while 4.84 lakh taxpayers have been found not registered with the e-filing portal under Operation Clean Money, an official statement said on Monday.

"The operation has seen an overwhelming response and till February 12, more than 5.27 lakh taxpayers have already submitted their response," said a Finance Ministry statement. The income tax department had initiated 'Operation Clean Money' on January 31 for the e-verification of large cash deposits made during the period from November 9 to December 30, 2016. Email and SMS were sent to 18 lakh taxpayers for submitting online response on the e-filing portal.

"This exercise has identified around 4.84 lakh taxpayers not yet registered with the e-filing portal. SMS have been sent on the mobile number of these unregistered persons," the statement said. The 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. Such taxpayers are advised to register themselves at the e-filing portal and submit online explanation, it said. "Out of the 7.41 lakh accounts confirmed by the 5.27 lakh taxpayers, the cash deposit amount has been confirmed in more than 99.5 per cent accounts.

The department is encouraged to note that 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," it said. 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, it added. In order to facilitate online responses, the last date for their submission has been extended up to February 15 and a detailed frequently asked question (FAQs) has also been issued to assist the taxpayers in submitting their response. "The taxpayers should submit their response within this further extended period with a view to avoid enforcement actions under the Income-tax Act and other applicable laws," it said.