It further said that 99.5 per cent of the 5.27 lakh assessees have confirmed the amount which they have deposited as cash during the 50-day demonetisation period ending December 30. These deposits were made in 7.41 lakh bank accounts.
"The operation has seen an overwhelming response and till February 12, 2017, more than 5.27 lakh taxpayers have already submitted their response," a CBDT statement said.
"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.
"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," said CBDT, the apex policy making body of the I-T Department.
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Under Operation Clean Money launched on January 31, the department had sent SMS/email queries to 18 lakh assessees for making suspicious cash deposits of over Rs 5 lakh and gave them 10 days time to reply on the efiling portal.
"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," the Central Board of Direct Taxes (CBDT) said.
The tax department has identified around 4.84 lakh taxpayers who are not yet registered with the e-filing portal and has sent SMS to them.
"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. Such taxpayers are advised to register themselves at the e-filing portalhttps://incometaxindiaefiling.Gov.In. And submit online explanation," it added.
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