“Another 1.04 lakh persons who did not disclose all bank accounts during e-verification in the first phase of OCM have also been identified. "The taxpayer will be able to submit online explanation without any need to visit Income Tax office. “There are two types of scrutiny methods employed by the Income Tax Department,” SP Singh, Senior Director of Tax at Deloitte explained. These 5 lakh assessees selected would be in the category.”The Department added the taxpayers would have to also provide details of deposits of more than Rs 2 lakh in their Income Tax Returns, which would then be matched with the information with the Income Tax Department. Of these, the Income Tax Department had said at the time that it had received 12 lakh responses from 8.38 lakh distinct PAN numbers.

Source: The Hindu July 14, 2017 17:15 UTC