Govt.is still in mood to give concessions to black marketers. Why 50% or 75% tax ? Why Not more than 100% and prosecution also. Govt.should not set a bad precedent .
Re: Why concession ?
by K Kumar on Nov 28, 2016 06:13 PM
Your sentiments are valid. The reason the Govt is doing this, is to avoid a costly and long drawn out prosecution process; so it is charging higher taxes-surcharge in total than the IDS that closed on Sep-30th, so there is no amnesty per-se. But for sure, there will be prosecution for recalcitrant black money hoarders and tax cheats. So it is a pragmatic step to get the money in Govt treasury quickly and get that money to work for the poor, under the PMGKY. So overall, a laudatory, pragmatic approach without giving any benefit to those culprits.
Re: Currency holding on or before 8th Nov by Govt and Bank
by anup naathani on Nov 28, 2016 05:47 PM
Can any one comment on this. We must know combined holding of RBI Chest, Govt Enterprises, Banks including ATM. Etc.,
I think, govt should remove tax plus tax on tax with surcharges, service tax, sales tax etc. make an easy 1 tax applicable to all. An easy tax rule will attract more people to pay readily. And will end the corruption automatically since there is nothing to explain and find loopholes. Right now,we are living is world of multiple taxation, once that is removed,and single tax is enforced, like a brave move of demonetisation, there will not be a need to hide what you earn.
It is virtually impossible to monitor all accounts. So to beat the new system BM hoarders will put money in multiple accounts (& which most already did). Even if one or two of these accounts are detected, the BM agent will forgo the detected account, but will still be able to convert black to white in other accounts.
Some will be fake accounts. And in others, the gullible poor who scampers for some small pittance money & whose account is detected, will be caught in the middle.
Re: A very likely scenario
by BS on Nov 28, 2016 05:22 PM
All the deposits are reflected in form 26AS. For Jan-dhan accounts the govt. will freeze all cash deposits above 50,000 made post Nov 8. It is as simple as that.
Re: Re: A very likely scenario
by on Nov 28, 2016 05:29 PM
But those are only for unusual detected accounts. This would mean even honest ones would be likely targeted.
This will also have another unintended consequence, people who were supposed to use these accounts will lose faith in the banking system due to unwanted harassment and monitoring of their own hard earned money.
Re: Re: Re: A very likely scenario
by K Kumar on Nov 28, 2016 06:16 PM
Not really. If you can explain the source, the matter closes. In any case, the Tax authorities will not go after small amounts but large depositors, as it should.
Re: Re: Re: Re: A very likely scenario
by on Nov 28, 2016 06:24 PM
That you are assuming. Govt is no longer making difference of smaller or bigger deposits.
This means unhinged power to assessing authority which in turn means the process is more prone to corruption & harassment.
Re: Liquidty Crunch
by mitesh on Nov 28, 2016 06:19 PM
Then it means thae people of all India will be in jail including Modis corrupt ministers and excluding PM.Then who will Modi in 2017 & in 2019.Modi will vote for himself??
Above scheme is equal to that. But Modi still has not taken any firm action for not generating black money in future. Govt. servants are clearing file on promise to pay later on. No fear in their mind to loose the job. Modi is to bring reform in service condition where all suspected corrupts, non performers and unfit are compulsorily retired before completing their term. We want to see his 56" here.
Re: Voluntary disclosure
by K Kumar on Nov 28, 2016 06:20 PM
Lots of follow on steps are sure to come, this delegalization of 500 and 1000 is first step. PM Modi has already said to all opposition parties to agree for state funding of elections (the single biggest source of corruption), and holding both Lok Sabha and Assemblies - again will reduce the costs, and curb the corruption amongst the politicians. Also, as the license raj of UPA is taken down, peice by peice, the political discretion and bureaucrats "permission" will be gone. And with that the cause of corruption. Then the action against the Benami Properties is also on the anvil. So all the right steps to get corruption out in the system.
MODI MAY SELL TEA AT ONE RUPEE NEXT, VEGETABLES WILL BE AVAILABLE AT REAL COST OF FIVE RUPEES PER KG INCLUDING TOMATO AND POTATOES AND MILK WILL BE REAL COST OF TEN RUPEES PER LITER AND SCHOOL FEES CANNOT BE MORE THAN 100 RUPEES PER MONTH
ANY EXCESS MONEY CHARGED WILL BE TAKEN AWAY IN INCOME TAXES BUS FARE WILL BE 50 PAISA OR ONE RUPEE ONLY ALL THE ROUTES AND MONEY WILL BE TAKEN BY CARD ONLY AND OCTROI IS TO BE PAID BY CARDS ONLY NO CASH ACCEPTED AT ANY GOVERNMENT DEPARTMENTS OR PENALTY IS THERE 5000 PERCENT
Re: MODI MAY PROMISE THIS IN NEXT MONTH
by sudhir sharma on Nov 28, 2016 05:24 PM
Arora sahab you are having pleasant dreams. Enjoy till it lasts but when you wake up to reality please have medical help close by with assistance for severe depression.
