Easy. When u buy a flat worth Rs50 lakhs show IT paid of Rs16.50 lakh to the Registrar appointed for registering flats.That is IT be paid at the point of sale only.
you buy a TV set for Rs300000 (HDTV)then pay Rs 99000 and get it registered/recorded in your name.So for every purchase by an individual you get IT.Maybe you can ration the items like 2 TV sets per family, 2 flats per family of 5, etc.
Now what happens to money not used just saved/stashed away.Money saved be recorded in a savings passbook open only at Post offices.this money is free of IT as long as it is savings but when used shd be charged to IT at the rate of 10% upto 5 lakhs,15% upto5-15lakhs and so on.
the money stashed cant be used anywhere as IT has to be paid and moreover, items are rationed.
For the existing items let the govt come out with a declaration scheme on slab rate basis and collect IT.A flat in Malabar Hill may be worth 2 cr, 5 years back charge 33% and if the buyer has income/funds over and above his known sources 50%.
A lot of retired bank officers and Govt officers (60 to 70 yrs) are available and can be easily deployed.
IT to be collected at point of spending.Benami properties or FDs can easily be weeded out by the method of matching known sources of income to purchases.
All transactions to have PAN card and foto details.
Savings must be exempt from IT because that is in formal channels and at 6% interest it is available to Govt for infrastructure develoment.
Each and Every Govt dept or semi-govt dept./instituion should adopt, give importance and prioritze Ethical policies. When a Govt employee is inducted, he/she should be given training in ethics, there should be top down approach/management of this process. Each employee should be monitored and re-educated regarding ethical practices at regular intervals. Whistleblower systems should be in place which should be monitored by persons of highest rankings, may be Prime minister's office. THere could be other ways to implement ethics such as mandatory meditation/yoga practices, eg. Maharashtra state. I dont say it is the only way but it could be one of the ways to build ethical practices in the system. Just keeping Mahatma's pics in offices wont help. Also, 500 and 100o rupee notes should be curbed with immidiate effect. A indian tax haven should be created so that ppl dont have to go to switzerland to keep their money. This money will stay in india and it will in turn roll back to the indian economy rather that some foreign economy.
There is a simple way, which i understand can reduce Black Money to a major extent. The Indian Government should have denominations of money upto to Rs.100 only. There should be no denomination beyond this figure. This will curtail the Black Money as well as Fake Money to such an extent that cleaning up the remaing will be a cake walk for the Government.
Most of big transaction of blacke money done in real estae through sale purchase by on Diary without registry.please made compulsorry PAN no. on registry & do not allow builder/socity to build/devloped new building/colony unless untill all flat/plot of old building/coloney not sold & registered.
Most of big transaction of blacke money done in real estae through sale purchase by on Diary without registry.please made compulsorry PAN no. on registry & do not allow builder/socity to build/devloped new building/colony unless untill all flat/plot of old building/coloney not sold & registered.
Dear Sir, Big amount of black money invested in real estate because all transaction done on single diary without registery please ask to builers/socities for there not sold plots & made compulsory PAN on registery & do not aollow builder to constuct new building/coloney unless untill all plot/flat of previeous colony/building not sold.
Dear Sir, Big amount of black money invested in real estate because all transaction done on single diary without registery please ask to builers/socities for there not sold plots & made compulsory PAN on registery & do not aollow builder to constuct new building/coloney unless untill all plot/flat of previeous colony/building not sold.
Dear Sir, Big amount of black money invested in real estate because all transaction done on single diary without registery please ask to builers/socities for there not sold plots & made compulsory PAN on registery & do not aollow builder to constuct new building/coloney unless untill all plot/flat of previeous colony/building not sold.
Dear Sir, Big amount of black money invested in real estate because all transaction done on single diary without registery please ask to builers/socities for there not sold plots & made compulsory PAN on registery & do not aollow builder to constuct new building/coloney unless untill all plot/flat of previeous colony/building not sold.
Dear Sir, Big amount of black money invested in real estate because all transaction done on single diary without registery please ask to builers/socities for there not sold plots & made compulsory PAN on registery & do not aollow builder to constuct new building/coloney unless untill all plot/flat of previeous colony/building not sold.
