Modi’s Hunt for Undisclosed Assets Set to Go Down to the Wire
- Window for declaring income that escaped tax closes Sept. 30
- ‘Returning black money an empty election promise in India’
Narendra Modi.
Photographer: Graham Crouch/BloombergThis article is for subscribers only.
Income tax officers in India will be burning midnight oil Friday. With a four-month window to declare undisclosed assets ending this month, Prime Minister Narendra Modi has asked officials to work into the night to handle a last-minute rush of declarations.
Black money, a colloquial term for income that has illegally escaped taxes, has been a hot political issue in India -- Ambit Capital has estimated the country’s black economy at 30 trillion rupees ($450 billion).