If a case is picked up for scrutiny the ass esse should be offered a scheme to remain out of it on Turnover/receipts and profits up to say
Turnover Min Taxable Income addl fees/tax 1 cr 10%of T.O Rs 50,000/- 2 Cr 8% of T.0 Rs 1,00,000/- 3 Cr 7.5% of T.O Rs 1,50,000/= and so on Addln fee/tax is payable upon the assessee accepting the scheme.The scheme should be offered along with the service of notice u/s 142(2).and the assesse should be given 2 months time to accept.If the assesse accepts the payment should be made with in 1 month of the acceptance.If the assessee ignores the offer he should be deemed to have accepted the scrutiny.
This will surely increase the tax collections and reduce corruption
Erradicate corruption by:- 1.Teaching young children good conduct. 2.Cut down on the number of civil servants. 3.Have 'in tune' laws and regulations. 4.Remove all but two security personal of VIP's and deploy the excess on catching of criminals and corrupt babus. 5. Come down very heavily on lavish weddings (where do the babus get that much money to throw them?)
1). To introduce debit and credits cards widely 2). Slowly phase out all the currency notes 3). And every monetary transaction ( either by individuals, companies, corporations, voluntary or NGOs, government organizations and structures ( like government spending, corporations,municipalities etc)profit non-profit organizations etc) is to be carried out done by using credit and debit cards only.
Well..the above points will give government a very transparent hold on all the income levels and earning modes of all the sections of the country's populace. And also this method can prevent not only of black money but also illegal tax evasion by individuals or companies corporations.
Re: Some suggestions
by sunder iyer on Feb 18, 2010 12:58 AM Permalink
Here is where chidambaram failed.All transactions thru credit card are white i.e all payments are thru bank. and expenses are there in the statement.P.Chidambaram's scrutiny norms included expenditure of Rs 2L thru credit card .This retrogade step made people to incur the same expenses in cash thereby induced more black in to the system
Kindly informally legalise corruption,cap it at 10 % of total expenditure. People resort to corruption to pay income tax also.Please reduce tax rates drastically,if tax is high,how will the common man survive,he will be forced to earn money through corrupt ways to meet his ends.
Please start scheme for Voluntary declaration of black money with a flat rate of 15 % tax.
I always think why people has to keep money in accounts in Switzerland,VVirgin Island or Mauritius,create such tax havens in India.
Please put earnest effort to bring back money stored in various banks in Switzerland.
Please make all procedures like transactions,company formation,project set up simple and fast track.More these are complex,more will be corruption. Please give more buying power to common man by reducing tax burdens,this is beyond the ethics of a democracy.Tax was levied on people only by kings like AURANGZEB. Enhanced buying power can only make our economy robust.
Please control price.Please ensure proper storage and distribution of food and vegetable items.If price of basic commodities go up exponentially,corruption will also increase accordingly.
Solutions are very simple,an earnest desire is what is required.
Re: SET THE BASICS RIGHT
by Kandakuru Sreenivasulu on Feb 17, 2010 10:16 PM Permalink
Solution is simple but none of the political parties have the 'will' to do it. cowards like you and me write 'blog' about it
1. Stop targeting govt. employees who takes few lakhs of corruptions. They take bcoz they cant live with ur 10 to 20000 salaries.Police constable and SI need not sacrifice their life for just 10 to 15000 salaries and they come under perview of anti corruption laws and department rules etc. The total corruption changing hands in an year by govt. employees is just 1% of what ministers, Judicial officers,IAS,IPS, big politicians, supreme court lawyer,doctors, hospitals, CA's, 5 star hotel, defence arms dealers these people are making billions of dollars and they avoid paying income taxes.Only man who follows all rules and tax deductions are only govt and private employees.
Re: Corruption Control
by Kandakuru Sreenivasulu on Feb 17, 2010 09:55 PM Permalink
Vizagian is correct but partiallly. These govt employees take a small percentage and rest distribute it hierarchially right to the top guys like judicial offices,IAS,IPS...
Create a new independent body with a chairman directly appointed by the Chief Justice of The Supreme Court. Allow the body to take suo moto cognisance of corruption cases involving a sitting member of a central or state legislative body. Set up a special, fast track judicial process for cases prosecuted by this body. In its founding charter, make it especally clear that it must respond to RTI requests and specify penalties for its officials if they fail to do so. And finally give this body over-riding authority over state police machinery to help it overcome political interference.
If you do this, every minister going forward will have second thoughts about corruption, certainly after the first couple of successful prosecutions. You will have single handedly done more to fight corruption than any public figure in living memory. And you may just be responsible for the dawn of a new political culture in India.
Dear Hon'ble FM, Arm's Length cannot properly determined by the Law under Transfer pricing assessment. Though the TPO can understand the transaction he/she could not execute in TP order. Needs your attention.
