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Category: Miscellaneous
#623806
This is quite natural. At the time of de-monetization, we heard that the Government had been keeping track on such deposits. Now, it is quite natural that IT Department would send notices to such large cash depositors. I hope that this step would bring some more taxes in the exchequer.
Non-violence is the greatest Dharma; So too is all righteous violence.
Non-violence is the greatest Dharma; So too is all righteous violence.
#623809
This was on expected lines. As soon as demonetization was announced those who had enough black money faced the worst hardship and deposited in various benami accounts and now they are unable to account for,
K Mohan
'Idhuvum Kadandhu Pogum "
Even this challenging situation would ease
K Mohan
'Idhuvum Kadandhu Pogum "
Even this challenging situation would ease
#623872
There is no surprise in this action by Income Tax Department. But to me, IT Department is too late to act on though it has all the data in hand.. IT Returns for the FY 2016-17 were submitted by August 31st 2017. It took almost 4 - 5 months to scrutinize that data.
#623885
This was expected, isn't it? I think it is a case of the Government under-estimating the sheer volume of black money along with the people underestimating the intelligence of the Government.IT department.
People in the hurry and desperation not to lose on their hard-earned black money did not think it out about what explanation to be given when we would be called to disclose the source of the hurried deposits. Now slowly, people will realize that they have been caught red-handed and the only way out would be to pay the hefty tax/fine unless some powerful people bend the rules. We should give credit to the Government, first make 500/1000 illegal overnight, then encourage people to deposit what they have in hand and now making a list of all and taking them to task.
People in the hurry and desperation not to lose on their hard-earned black money did not think it out about what explanation to be given when we would be called to disclose the source of the hurried deposits. Now slowly, people will realize that they have been caught red-handed and the only way out would be to pay the hefty tax/fine unless some powerful people bend the rules. We should give credit to the Government, first make 500/1000 illegal overnight, then encourage people to deposit what they have in hand and now making a list of all and taking them to task.
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