Income Tax department to launch assessment of defaulters from January

The Income Tax department will launch full-fledged assessment proceedings from January next year against those assessees, who have deposited suspicious amounts of money in banks post-demonetisation but have not filed their Income Tax Returns till now.

Officials said the Central Board of Direct Taxes has asked the taxman to finish the process of serving notices to such entities by December 31.

The IT department will



initiate full-fledged assessment proceedings against these assesses from the latter part of January after the replies to the IT notices are received.

Those who attempted to show their black income as white and evaded tax would be prosecuted, officials added.The action is a part of the Operation Clean Money,initiated by the department early this year to specifically check black money instances in the wake of demonetisation.