The committee, set up by Central Board of Direct Taxes (CBDT) in the Finance Ministry, will also look into the possibility of putting the list of "chronic defaulters" in public domain.
The announcement comes on a day when social rights activist Anna Hazare is sitting on a day-long fast at Rajghat to protest against the police excesses on followers of yoga guru Ramdev last Saturday.
Hazare has spearheaded the agitation for enacting a Lokpal Bill to tackle corruption at high places.
The Committee, headed by Anita Kapur, Director General of Income Tax (Admn), will suggest ways to recover tax demand from assessees who are not traceable.
It will also examine the possibility of engaging outside agencies to locate non-traceable assessees and their undisclosed assets.
Last month, the Government had set up a high level committee to suggest a legal framework for confiscating black money and declaring it a national asset.
Besides, a study has also been instituted to quantify unaccounted income and wealth stashed within and outside the country.