Officials said the policy-making body of the department wants to fasten the process of raising tax demands on those who either concealed or generated black money in the wake of the notes ban of November 8, 2016.
The board, a senior official said, issued a Central Action Plan (CAP) for the first quarter of the new financial year yesterday where it asked all tax department offices in the country to finish the exercise by May 31.
The I-T Department has been issuing notices to such depositors under two sections-- 142 (1) (inquiry before assessment) and 148 (power to either assess or re-assess any taxable income)--before launching full action against them.
The CBDT, the officials said, quoting the CAP, that all processes should be completed by May 31, in cases where such notices have been issued till March 31.
The verification of high-value transactions data and suspicious transactions done without quoting the PAN (Permanent Account Number) should also be completed by June 30, the CBDT has ordered.
The CAP acts as the guiding light for the tax department to prioritise work in a given financial year.
According to official data, 1.77 million suspicious cases involving Rs 3.68 trillion have been identified by the taxman in 23.22 lakh bank accounts post demonetisation.
The I-T department had conducted 900 searches between November 9, 2016, and March 2017, leading to seizure of assets worth Rs 9 billion, including Rs 6.36 billion in cash.
The searches led to the disclosure of Rs 79.61 billion undisclosed income, according to official data.
During the same period, the department conducted 8,239 survey operations leading to detection of Rs 67.45 billion of black money, the data said.