Policy

Operation Clean Money: CBDT extends deadline to December 31

Rahul Wadke Mumbai | Updated on September 27, 2019 Published on September 27, 2019

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The CBDT was forced to extend the deadline due to the non-compliance to the notices by taxpayers, an official said

In view of lakhs of individuals and companies who have made suspicious cash deposits during the demonetisation, but have not yet complied with the Income Tax Department notices, the Central Board of Direct Taxes (CBDT) has once again extended deadline of Operation Clean Money (OCM) to December 31, so that the IT officers get more time to investigate the cases and complete the tax assessment process.

The previous deadline was September 30.

A senior IT official said that the CBDT is again forced to extend the deadline due to the non-compliance to the notices by taxpayers.

In numerous cases, the notices are served on the assesses, but there is no response from them or they have shifted their residence or place of business.

Under Section 142(1), notices have been issued by the IT officers seeking certain documents and other financial details. They are dispatched to assessee when the IT returns have been filed, but finer details required for completing the process, the official said.

The official said that IT officers have to give a fair chance, and follow the principle of natural justice while making tax assessment and passing orders. However, this process is time-consuming and in demonetisation cases, assesses have not responded to the notices, forcing officials to take more coercive actions, like levying large penalties.

Only after this process is completed, the real quantum of black money generated in the country would be known to the Modi government.

Published on September 27, 2019
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