The year 2018 will be challenging for the income tax (I-T) department as it grapples to establish cases of untaxed cash deposits made during demonetisation, estimated at about Rs 3 lakh crore. The Lok Sabha elections of 2019 are expected to put more pressure on the taxman because eradicating black money is likely to be a key poll plank of the Bharatiya Janata Party (BJP).
The onus of the clean-up exercise seems to have been put on the I-T department, also because the government is reeling from the pressure of the spiralling fiscal deficit, which crossed the year’s Budget ...
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