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
Read here: How currency note ban is not sudden decision, but a systematic planning from 2 yrs, by Modi Govt.
The Decision to stop the Rs 500 and Rs 1000 denomination was not sudden. It merely started with bank account for all, the financial inclusion scheme, that Modi govt penned very first after assuming office, which yielded over whelming results and appraisal from World Bank. Then linked bank accounts with Aadhar, which was called as Direct Benefit Transfer. The primary aim of this Direct Benefit Transfer program is to bring transparency and terminate pilferage from distribution of funds sponsored by Central Government of India. In DBT, benefit or subsidy willRead More