Abstract
In India, the term “black money” is commonly used for referring to unaccounted wealth generated through transactions that have escaped taxation. On 8 November 2016 the government of India took a major decision of demonetisation i.e. to cease the validity of existing bank notes of 500 and 1,000. Following the demonetisation, this paper reviews the tax amendments that have come in to force ever since. In particular, it reviews amendments related to obligations to report cash transactions, administrative penalties on undeclared income and the income declaration scheme 2016. It also seeks to examine implications of these amendments on tax compliance.
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