Rs 10K crore undisclosed income detected, plans 60,000 tax notices

After the demonetisation exercise threw up less than ₹10,000 crore in black money, the Narendra Modi government is set to tighten the noose on tax evaders and ask over 60,000 people to explain the sources of their income.

The November 8 decision to scrap banknotes of ₹500- and ₹1,000-denomination was aimed at cornering black-money hoarders into depositing or exchanging old notes at banks. The amount so raised would later be compared with their declared income, and taxes and penalties could be levied.

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