Taxmen to spare deposits below Rs 5 lakh in 2nd phase of account scrutiny

. The second phase of the project will begin next month

The income tax department ( I-T department) is likely to launch the second phase of ‘Operation Clean Money’ next month to close in on unaccounted money making its way into banks but may ignore standalone deposits below rupees five lakh for now.

The income tax department will appoint two data analytics firms in next 10 days to analyse the deposits in bank accounts before and after 8 November last year—the day the government decided to junk 86% of the currency in circulation.

The exercise will attempt to link individuals with multiple accounts or PAN numbers who have deposited large sums of money,