DeMo cases: CBDT extends taxman's deadline to Dec 31

The CBDT extended the deadline up to December 31 for the Income-tax department to complete the final assessment of about 87,000 entities that made suspicious deposits post-demonetisation.

The existing deadline of September 30 is being "extended" by three months after considering "various difficulties" being reported by the field offices of the department in finalising assessments in OCM (operation clean money) cases, a senior official told.

An order was issued by the Central Board of Direct Taxes (CBDT) on Thursday, setting the new deadline on December 31, the official said.

The CBDT frames policy for the I-T department.

This is the second extension given by the Board in this case after the first deadline of June 30 was extended up to September, the official said.

'Operation Clean Money' is the special title given by the CBDT to the specific probe it launched to check black money post-demonetisation.