Note Ban: 200% Penalty on Income Mismatch, we show how to calculate it. It can do wonders to Economy.
The government on Wednesday warned that the cash deposits above ₹2.5 lakh threshold under the 50-day window could attract tax plus a 200 percent penalty if the cash deposited in bank accounts doesn’t match with income declared. “We would be getting reports of all cash deposited during November 10th to December 30th, 2016, above a threshold of ₹2.5 lakhs in every account. The Department would do matching of this with income returns filled by depositors and suitable action may follow,” Revenue Secretary Hashmukh Adhia said. “Penalty of 200 per centRead More
Notes Ban: Interesting story, how Modi kept the secret till last minute, even cabinet members were locked in a room
Prime Minister Narendra Modi’s gamechanging move to demonetise Rs 500 and Rs 1,000 notes was a well-kept secret for nearly 6 months. According to an ET Now report, work on the big-bang black money reform started six months back and the entire operation was kept top secret to avoid any leak of sensitive info. It was around six months ago that the Modi government told the RBI to get set for this big-bang attack on black money. Earlier this year, Modi had made the decision to phase out the currentRead More