Income Tax department seeks explanation from 5.56 Lakh more taxpayers

New Delhi: The income tax department has identified another 5.56 lakh individuals whose tax profiles are found inconsistent with the money deposited by them post demonetisation. 

 In the second phase of ‘Operation Clean Money’ launched in April with an aim to detect black money generation post demonetisation, the I-T department has used information received under the Statement of Financial Transactions (SFT) from banks to identify additional cases.  “These are persons whose tax profiles were found to be inconsistent with the cash deposits made by them during the demonetisation period,” a finance ministry statement said