tweaker Posted November 21, 2016 Author Share Posted November 21, 2016 The Income Tax department has come under tremendous pressure on account of shortage of staff and they may only focus on catching the big time tax evaders in the country. Only around 6,00,000-7,00,000 cases maybe assessed by the IT department which represents only 1% of total IT assesses and 0.2% of PAN card holders in the country, a report by Business Standard said. With a staff of just 7,294 assessment officers at the commissioner level including 4,204 IT officers, tax officials have said that it might only be feasible to go after those who are depositing huge cash deposits over and above Rs 2.5 lakh, the report said. mishra and Singh bling 2 Link to comment Share on other sites More sharing options...
mishra Posted November 21, 2016 Share Posted November 21, 2016 ^ Government has anounced that people renting their account might face upro 7 years of prison. Cimmon man with a account will not risk it any more Link to comment Share on other sites More sharing options...
mishra Posted November 21, 2016 Share Posted November 21, 2016 Will be surprised if there is ever going to be a rebate on Income tax. It may May be a brought down a couple of percentage points. Thats all. Taxation is one way process. It just goes up. What can happen is increased military spending, infra projects, bigger government, more jobs velu 1 Link to comment Share on other sites More sharing options...
tweaker Posted November 21, 2016 Author Share Posted November 21, 2016 The government has changed the tax rules relating to cash deposits in banks. When you deposit cash in your bank, make sure you don’t get into the radar of the tax authorities. Last week, the government announced a new rule to prevent people from depositing large amounts of cash in their bank without mentioning the PAN. Till then, you could deposit up to Rs 50,000 in cash per transaction without giving the PAN. But it was noticed that a lot of people were depositing less than the threshold limit of Rs 50,000 per day to escape the PAN provision. The rule has now been changed for cash deposits made between 9 November and 30 December. If the combined amount deposited in an account exceeds Rs 2.5 lakh, the depositor will have to mention his PAN. This clarifies the misconception that one can deposit cash in tranches of less than Rs 50,000 and escape mentioning the PAN. Experts say this is a critical step to prevent tax leakages after the demonetisation. Link to comment Share on other sites More sharing options...
tweaker Posted November 21, 2016 Author Share Posted November 21, 2016 Reserve Bank of India on Monday said banks have disbursed Rs 1,03,316 crore to customers through branches and ATMs between November 10 and November 18, 2016. Banks have garnered Rs 5,44,571 crore (exchange amounted to Rs 33,006 crore and deposits amounted to Rs 5,11,565 crore), RBI said in a statement. Link to comment Share on other sites More sharing options...
Singh bling Posted November 21, 2016 Share Posted November 21, 2016 5 hours ago, tweaker said: The Income Tax department has come under tremendous pressure on account of shortage of staff and they may only focus on catching the big time tax evaders in the country. Only around 6,00,000-7,00,000 cases maybe assessed by the IT department which represents only 1% of total IT assesses and 0.2% of PAN card holders in the country, a report by Business Standard said. With a staff of just 7,294 assessment officers at the commissioner level including 4,204 IT officers, tax officials have said that it might only be feasible to go after those who are depositing huge cash deposits over and above Rs 2.5 lakh, the report said. Even after going cash depositors over 2.5 lakhs is not feasible.Large amount cash will be deposited in bahubali area's with blessing of their leader.who will dare to issue them notice.Cash depositors will be in crores, simply going every other person is not feasible Link to comment Share on other sites More sharing options...
mishra Posted November 21, 2016 Share Posted November 21, 2016 1 hour ago, Singh bling said: Even after going cash depositors over 2.5 lakhs is not feasible.Large amount cash will be deposited in bahubali area's with blessing of their leader.who will dare to issue them notice.Cash depositors will be in crores, simply going every other person is not feasible Intended targets this time are not businesses. I would be surprised if they go after them. i.e. a standard business dealer Targets would have been 1. Hawala 2. Politicians 3. Fake Currency 4. Film and Mafia 5. Terror Outfits 6. Fake Charity 7. Real Estate Mafia Anything else is bonus. Of all of above looks like Modi Government thinks thinks that Real estate mafias needs more action. tweaker 1 Link to comment Share on other sites More sharing options...
tweaker Posted November 21, 2016 Author Share Posted November 21, 2016 Mariyam 1 Link to comment Share on other sites More sharing options...
tweaker Posted November 21, 2016 Author Share Posted November 21, 2016 Pulled down shutters and long queues outside ATMs had been a common sight in the last two weeks. But as a taskforce of around 50,000 workers have begun working round the clock and recalibrating the ATM networks, the number of ATMs that are up and functioning has steadily increased from 3,000 on last Tuesday to approximately 75,000 by end of the day. Link to comment Share on other sites More sharing options...
Singh bling Posted November 21, 2016 Share Posted November 21, 2016 5 hours ago, mishra said: Intended targets this time are not businesses. I would be surprised if they go after them. i.e. a standard business dealer Targets would have been 1. Hawala 2. Politicians 3. Fake Currency 4. Film and Mafia 5. Terror Outfits 6. Fake Charity 7. Real Estate Mafia Anything else is bonus. Of all of above looks like Modi Government thinks thinks that Real estate mafias needs more action. Instead of demonitisation Modi should had put 20 most corrupt politicians in jail 20 most corrupt corporates in jail and 100s of most corrupt Govt officers in jail This could had created much more terror and not a single bit of in convience to common man. And you are wrong The biggest fishes don't hoard too much cash , for them swiss bank accounts , bit coins , gold and whatever new measure is their to keep their black wealth. It is actually illitrate business man of Sadar bazaar market that loves cash because he has been doing it for decades. so target is not big fish. Bahubali Like shahbuddin will open 1000s of bank accounts of their associates and deposit money in that ,they will dare taxmen to give them notice. When you have murder charges pending IT notice is least dreadful tweaker 1 Link to comment Share on other sites More sharing options...
mishra Posted November 21, 2016 Share Posted November 21, 2016 42 minutes ago, Singh bling said: Instead of demonitisation Modi should had put 20 most corrupt politicians in jail 20 most corrupt corporates in jail and 100s of most corrupt Govt officers in jail This could had created much more terror and not a single bit of in convience to common man. And you are wrong The biggest fishes don't hoard too much cash , for them swiss bank accounts , bit coins , gold and whatever new measure is their to keep their black wealth. It is actually illitrate business man of Sadar bazaar market that loves cash because he has been doing it for decades. so target is not big fish. Bahubali Like shahbuddin will open 1000s of bank accounts of their associates and deposit money in that ,they will dare taxmen to give them notice. When you have murder charges pending IT notice is least dreadful On what basis could he do crackdown you propsed. Whole world would have cried foul. Court would have freed them next day. Bahubalis only have havala route. havala gone, they are cashless. You still dont seem to understand how menacing this havala route was. It was a industry bigger than total withdrawl amount simce currency ban. GOI has put complete stop in it with one move. Everyone is expecting further reform which will surely come. Traders will definitely get relief. Allready i hear ministers claiming whatever comes to bank is white money. A line has been drawn with this one move. He needs Government employees support to implement it all. If anything , he will need another term to go directly after them tweaker and beetle 2 Link to comment Share on other sites More sharing options...
BeautifulGame Posted November 22, 2016 Share Posted November 22, 2016 Everyone is expecting further reform which will surely come. Traders will definitely get relief. Allready i hear ministers claiming whatever comes to bank is white money. A line has been drawn with this one move. He needs Government employees support to implement it all. If anything , he will need another term to go directly after them If that's the plan its one heck of a fuc.k up from the government .But doubt that's the case . Link to comment Share on other sites More sharing options...
Singh bling Posted November 22, 2016 Share Posted November 22, 2016 8 hours ago, mishra said: On what basis could he do crackdown you propsed. Whole world would have cried foul. Court would have freed them next day. Bahubalis only have havala route. havala gone, they are cashless. You still dont seem to understand how menacing this havala route was. It was a industry bigger than total withdrawl amount simce currency ban. GOI has put complete stop in it with one move. Everyone is expecting further reform which will surely come. Traders will definitely get relief. Allready i hear ministers claiming whatever comes to bank is white money. A line has been drawn with this one move. He needs Government employees support to implement it all. If anything , he will need another term to go directly after them How can you say that Hawala route has stopped? Go to market old currency still has value minus-20-30%. So when a common man can get value how come hawala is not able to get that value.Hell even policemen were caught taking bribe in old currency. Link to comment Share on other sites More sharing options...
Singh bling Posted November 22, 2016 Share Posted November 22, 2016 Quote Withdrawals for marriages come with tough riders http://timesofindia.indiatimes.com/india/Withdrawals-for-marriages-come-with-tough-riders/articleshow/55551162.cms In ther word ullu banaya , koyi paisa nahi milna Link to comment Share on other sites More sharing options...
mishra Posted November 22, 2016 Share Posted November 22, 2016 3 hours ago, Singh bling said: How can you say that Hawala route has stopped? Go to market old currency still has value minus-20-30%. So when a common man can get value how come hawala is not able to get that value.Hell even policemen were caught taking bribe in old currency. Then black money hoarders have nothing to worry about. Why this discussion then. Only real estate dealers are offering this service, and they are taking some white money too. I believe there is a catch in all of it which buyers are unable to see. Real estate businesses are very likely going to claim bankruptcy or some similar con where they can legally deny that they can not give away what they promised Link to comment Share on other sites More sharing options...
Singh bling Posted November 22, 2016 Share Posted November 22, 2016 1 hour ago, mishra said: Then black money hoarders have nothing to worry about. Why this discussion then. Only real estate dealers are offering this service, and they are taking some white money too. I believe there is a catch in all of it which buyers are unable to see. Real estate businesses are very likely going to claim bankruptcy or some similar con where they can legally deny that they can not give away what they promised Mishra ji Please go outside and see with your own eyes what is going on. Just went to Syndicate bank Gurgaon Branch for attestation of mother's life certificate , hoping to find crowded bank but surprised to see empty bank.Guard allowed us because we said we are not here for cash.Anyway in between say many people coming pleading for cash. few even said " Puraane hi de do" but they did not.then went to post office and asked them to do speed post , they said no speed post this service is closed only cash exchange withdrawal. And I live just 400 meters away from Virat Kohli's bungalow , this is condition in most posh area of Gurgaon imagine what will be going on in most backward area's of India. And no small traders are even offering 20-30% minus value of cash , some big shopkeepers are saying purchase goods worth 5k and we will accept old notes. Entire India has become black market tweaker 1 Link to comment Share on other sites More sharing options...
kubrickian Posted November 22, 2016 Share Posted November 22, 2016 (edited) This will be either considered a master stroke and Modi will be hailed a genius or will be considered a big fool and a villain. In any case, you cant deny this guy has iron balls. No PM in India's history has ever taken a decision of such magnitude which involves so much risk for his reputation and his party and also the country. Whether his move will bear fruit, only time will tell. Edited November 22, 2016 by kubrickian Link to comment Share on other sites More sharing options...
mishra Posted November 22, 2016 Share Posted November 22, 2016 3 hours ago, Singh bling said: Mishra ji Please go outside and see with your own eyes what is going on. Just went to Syndicate bank Gurgaon Branch for attestation of mother's life certificate , hoping to find crowded bank but surprised to see empty bank.Guard allowed us because we said we are not here for cash.Anyway in between say many people coming pleading for cash. few even said " Puraane hi de do" but they did not.then went to post office and asked them to do speed post , they said no speed post this service is closed only cash exchange withdrawal. And I live just 400 meters away from Virat Kohli's bungalow , this is condition in most posh area of Gurgaon imagine what will be going on in most backward area's of India. And no small traders are even offering 20-30% minus value of cash , some big shopkeepers are saying purchase goods worth 5k and we will accept old notes. Entire India has become black market Lets agree to disagree. 1. 30th dec is not far. If all the 500-1000 notes come back to bank, that will mean all black is now white. Black marketeers have outfoxed the system 2. If all the deposited money goes out of bank by say mid -end 2017. This excercise inly took care of fake notes. Inconvenince caused just to expunge fake notes is not justified. Link to comment Share on other sites More sharing options...
Singh bling Posted November 22, 2016 Share Posted November 22, 2016 Quote Rs 2,000 notes found on militants killed in encounter in Kashmir’s Bandipora http://www.hindustantimes.com/india-news/rs-2-000-notes-found-on-militants-killed-in-encounter-in-kashmir-s-bandipora/story-ggbNgM5HclIFPj5jXANVyN.html AAM aadmi se pehele inke haath lag gaye woh bhee 13 din mein Link to comment Share on other sites More sharing options...
mishra Posted November 22, 2016 Share Posted November 22, 2016 http://www.business-standard.com/article/economy-policy/anil-bokil-man-behind-demonetisation-wants-existing-tax-system-abolished-116112101331_1.html Anil Bokil, man behind demonetisation, wants existing tax system abolished Aparently guy met Modi several times to discuss his ideas and he has Some revolutionary ideas Link to comment Share on other sites More sharing options...
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