Prime Minister Narendra Modi has asked taxmen to take necessary steps against those with benami properties and focus on broadening the tax net. On November 8, 2016, the government had demonetised Rs 500 and Rs 1000 notes with a stated purpose of cracking down on black money. They came under severe criticism from the opposition parties that claimed that large chunk of black money was in the form of benami properties. Last month, the income tax department unveiled a one-page income tax return form unveiled by the government on Friday includes a separate section for cash deposits of Rs 2 lakh and more between November 9 and December 30. According to sources, Finance Minister Arun Jaitley, along with Revenue Secretary Hasmukh Adhia and other senior revenue officials, were present in the meeting with the Prime Minister.

Source: Hindustan Times May 03, 2017 07:18 UTC