WE PEOPLE DEPOSITS OUR 500-1000 NOTES OF CURRENCY AND EXHCNAGE IT TO NEWER ONE THEN WHERE IS BM AND IS INDIAN TAX PAYERS ARE DEPOSITS BM WHAT REDICULES SITUATIONS IS
why Govt is always eager to make any thing very complicated why Govtt directly cut 50% tax from the black money deposited with one stroke why so many complicated term tax penalty surcharge & so many things time periods for various changes Govt just say come with all your black money pay 50% that & remaining money will be white which u can utilize by only cheque drafts only & maximum cap on that in case of cash withdrawl 20000only
The Depositing of Cash made in Bank are to be bifurcated in 3 parts 1)cash deposited for Income earned prior to march -2016 (i.e previous years income) for and which is already taxed or submitted return (Genuine deposits Pure White) 2)Cash deposits for Income earned in this year for which the period to pay tax is available till March -2017 ,(Income made for this year should not be excessively Tax but must be taxed in normal Rate 3) only the deposits which was the Part of Previous earned (undisclosed income) should only be Taxed as Black money Finally Tax authorizes has to work out the Black Money as (Excess Cash for income hidden for previous years earned .
The Depositing of Cash made in Bank are to be bifurcated in 3 parts 1)cash hold for Income earned prior to march -2016 (i.e previous years income) for and which is already taxed or submitted return (Genuine deposits Pure White) 2)Cash deposits for Income earned in this year for which the period to pay tax is available till March -2017 ,(Income made for this year should not be excessively Tax but must be taxed in normal Rate 3) only the deposits which was the Part of Previous earned (undisclosed income) should only be Taxed as Black money
Govt. realizes that it is statistically impossible to investigate every big deposit made after Nov 8 because of the huge number, leave alone the small deposits. That is why they are coming up with this voluntary disclosure scheme. A huge amount of black money will be converted into white as it is impossible to investigate due to the huge amount of paperwork involved.
Re: Impossible to investigate.
by zubair shighrekar on Nov 28, 2016 07:23 PM
other reason is when the reports came that people are burning or throwing away their black money.
the govt realised that in this case the govt wont benefit.
hence they brought this scheme,
i doubt though people will come up and disclose specially the BIG SHOTS (above 100 cr)
Mody says we should become cash less society. Every one should have debit or credit cards. Then why should we have currency and ATM machines? We can do away with all these
