CBDT extends I-T Dept deadline for final assessment of DeMo cases


The Central Board of Direct Taxes (CBDT) has extended the taxman’s deadline to September to complete the final assessment of around 87,000 entities in the country that had made suspicious deposits post-demonetisation.


“The extension of time is being granted after considering various difficulties (being faced by assessing officers) related to the completion of assessments in Operation Clean Money (OCM) cases by July end”, CBDT said.

“The timeline for completion of assessment in such OCM cases is hereby extended and it should be completed by September 30,” the CBDT order accessed by PTI said.

CBDT had launched the ‘Operation Clean Money’ to check black money post-demonetisation.

The assessing officers (AOs) of the Income Tax Department had earlier this month petitioned the Central Board of Direct Taxes (CBDT) to extend the deadline, saying it was “humanly impossible” to finish the task by July as it requires a lot of “paperwork and manpower”.

“The number of OCM cases is huge in most of the charges. Other routine official work is to be performed by the AO, including completion of normal scrutiny cases,” the regional offices had told the CBDT.

“Moreover, separate targets have been set for each AO for survey, recovery survey collection, appeal, audit and grievance redressal among others,” they said.

It was after this that the CBDT, which frames a policy for the I-T Department, extended the deadline on Friday.

(Sources PTI)

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the NBFCs and Insurance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.