I-T department all set to question 18 lakh dubious bank depositors starting tomorrow

New Delhi: Demonetisation of old notes of Rs 500, and Rs 1,000 has brought in around 18 lakh people under the scanner of income tax department, who will begin receiving emails and SMSs  from the tax authorities starting Wednesday.

Taxpayers with large deposits over Rs 5 lakh will be questioned in the first phase.

I-T Dept has identifieed 18 lakh people whose deposits post note ban do not match with their tax-paying profile, said Hansmukh Adhia Revenue Secretary on Tuesday.

He said that Central Bureau of Direct Tax has developed software Operation Clean Money to analyse deposit and expenditure in old notes.

The bank account holders will be contacted through SMS and emails and they will need to log into the e-filing portal and give explanations on the mismatch in income and deposits. In case the respondent is not registered with the e-filing portal, he or she will need to click on 'Register Yourself' and get registered to submit response.

Registered taxpayers would also have to update and verify their email id and mobile number in order to receive electronic communication from the IT department. 

“This is the best way of reconciling the data without any harassment", said Adhia.

The PAN holder will also have to give details of other bank accounts as well in which banned notes have been deposited.

The department has also released a helpline number 180042500025 for any assistance or queries of depositors.