Prime Minister Narendra Modi inspects a guard of honour during the country’s 71st Independence Day celebrations at the Red Fort in New Delhi on Tuesday. Photo: AFPNew Delhi: Prime Minister Narendra Modi said in his Independence Day speech that more than Rs1.75 trillion of deposits that banks received after last November’s demonetisation exercise is under suspicion for tax evasion. Modi said that the tax department has identified 18 lakh assesses with income way more than what has been reported. About one lakh assessees have never paid income tax before. Out of these, the government has cancelled the registration of about 1.75 lakh companies.

Source: Mint August 15, 2017 05:48 UTC