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Black money: Catching tax cheats will be easier after demonetisation; here is how

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Now that it is official that almost all the currency that was demonetised has come back into the banking system, the only way for the government to retrieve lost face is to ensure it is able to catch tax-cheats who thought they had got away. With the government saying it is probing Rs 1.75 lakh crore of suspicious deposits, there is fear a raid-raj will be unleashed and that, after all the tax demands, this will not amount to anything. After all, between FY11 and FY16, disputed tax claims rose 3.6 times while total tax collections rose 1.8 times—as a result, from 23.7% in FY11, disputed taxes as a proportion of collections in that year rose to 46.9% in FY16. While only time........

© The Financial Express