mishra Posted December 16, 2016 Share Posted December 16, 2016 (edited) ^ Agree, It is tax loophole. I hope government do come with some thing. I was disapointed with IDS only but i can understand the goveenment angle there as it will rather have tax collected then tax burden. Edited December 16, 2016 by mishra Political parties will out details of millions of oeople and declare them as donors less than rs 20000 Link to comment Share on other sites More sharing options...
Singh bling Posted December 16, 2016 Share Posted December 16, 2016 Quote RSS survey shows note ban has hit small industries hard The findings also counter the government’s claims that the move will eradicate graft, as 57% of the respondents stated they did not notice any decrease in corruption among government employees since the announcement was made on November 8. http://www.hindustantimes.com/india-news/rss-survey-shows-note-ban-has-hit-small-industries-hard/story-9oajUJ8qbIkIa1LbNf9biO.html Link to comment Share on other sites More sharing options...
Tibarn Posted December 17, 2016 Share Posted December 17, 2016 Exports up 2.29% in November Link to comment Share on other sites More sharing options...
Haarkarjeetgaye Posted December 17, 2016 Share Posted December 17, 2016 7 hours ago, Singh bling said: It was not taxable but please read news even this time farmers have to made declaration that their income is below 2.5 lakhs even though their income is not taxable.But still political parties who everybody knows are gangotri of black money are exempted from scrutiny Gangotri is a great analogy. I used it another debate on another forum :) Link to comment Share on other sites More sharing options...
BeautifulGame Posted December 17, 2016 Share Posted December 17, 2016 Exports up 2.29% in November That's most likely to do with sharp increase in dollar vs rupee . Link to comment Share on other sites More sharing options...
tweaker Posted December 17, 2016 Author Share Posted December 17, 2016 Political parties depositing old Rs 500 and Rs 1,000 currency notes in their accounts are exempt from income tax, Revenue Secretary Hasmukh Adhia clarified on Friday, even as the government levied stiff penalty on unaccounted cash in banks and came out with new disclosure scheme. “If it is a deposit in the account of a political party, it is exempt. But, if it is deposited in an individual’s account, then that information will come into our radar. If the individual is putting money in his own account, then we will get information,” he told reporters here. Link to comment Share on other sites More sharing options...
Singh bling Posted December 17, 2016 Share Posted December 17, 2016 Quote 80-yr-old heart patient dies in UP bank after argument over withdrawal limit http://www.hindustantimes.com/india-news/80-yr-old-heart-patient-dies-in-up-bank-after-argument-over-withdrawal-limit/story-XsByFdl5jff5TjwgZleWYM.html An 80 year old has to travel and stand in queue for 4 days and still he was not given 14k which he required for treatment and because of exertion and anger he suffered heart heart attack and faced untimely death . Can anybody tell me how this death is not related to demonitization tweaker, Rohit S. Ambani and randomGuy 3 Link to comment Share on other sites More sharing options...
kabbirann Posted December 17, 2016 Share Posted December 17, 2016 Flying to Delhi in the 1st week of Jan and am absolutely terrified. There is no Rs for sale here.I don't even know if I should be taking any dollars with me. Looks like we will be spending our holidays queuing up in front of banks. Just praying no one falls sick. Link to comment Share on other sites More sharing options...
Mariyam Posted December 17, 2016 Share Posted December 17, 2016 Gym instructor kills Flipkart delivery boy to get hold of his mobile phone I think this is the right place to put this news. He obviously wanted the phone coz he wanted to go cashless so that demonetization doesn't affect him much. The evil Modi govt has to own up and take the blame for this cold blooded murder. tweaker and mishra 2 Link to comment Share on other sites More sharing options...
tweaker Posted December 18, 2016 Author Share Posted December 18, 2016 The government offered a “last window” to people with unaccounted wealth to come clean or face stringent penalties while inviting others to blow the whistle on those suspected to be holding black money as it launched the scheme that had been announced earlier. Link to comment Share on other sites More sharing options...
tweaker Posted December 18, 2016 Author Share Posted December 18, 2016 Finance Ministry's statement that political parties depositing old notes in the bank will not face scrutiny from tax authorities can now allow them into 'authorised' conduit for people who want to launder their black money. Link to comment Share on other sites More sharing options...
Singh bling Posted December 18, 2016 Share Posted December 18, 2016 Quote One per cent suspicious accounts means I-T has to probe 40 lakh cases -Jay Mazoomdaar & P Vaidyanathan Iyer -The Indian ExpressThe demonetisation deadline ends on December 30, and a day later, the I-T officers are expected to complete their scrutiny assessment work. New Delhi: Even if just one per cent of the total 40 crore bank accounts are red-flagged as “suspicious” during analysis by the Income-Tax department after sifting through data made available to it by banks, the tax officers would be saddled with a staggering 40 lakh cases requiring scrutiny. “This has never happened before,” said an I-T official, who did not wish to be named. The humongous scope of the work and the increased possibility of ordinary and honest taxpayers being harassed has raised concerns in the business and chartered accountant community. Sources in the I-T department said while there are about 8,000 officers who can undertake assessment work, only 4,000 are available, with the rest on assignment elsewhere, including in administration, audit, headquarters and systems. “Even these 4,000 are handling scrutiny assessment for Income-Tax assessment year 2014-15,” said an I-T official. The demonetisation deadline ends on December 30, and a day later, the I-T officers are expected to complete their scrutiny assessment work. The government has already asked banks to furnish a statement of financial transactions on deposits of over Rs 50,000 in Jan Dhan accounts, over Rs 2,50,000 in savings bank accounts and over Rs 12.5 lakh in current accounts to the I-T department before January 31. According to the I-T department, it picks out approximately 3,20,000 cases for scrutiny in a year. So, each officer authorised (about 4,000 available now) to make assessments handles about 80 cases on an average. But 40 lakh cases for scrutiny would mean 12.5 times the current workload for each officer.http://www.im4change.org/latest-news-updates/one-per-cent-suspicious-accounts-means-i-t-has-to-probe-40-lakh-cases-jay-mazoomdaar-p-vaidyanathan-iyer-4680759.html This is one of the reason why Modi is not serious about black money. Each officer is now loaded with 12.5 times of work to scrutinise just 1% of accounts .The first thing he should had done is increase strength of IT department. It is long process but much better than surgical strike.Indians will never pay tax as long as they know that chances of their being caught are very minor as IT officers are already over loaded Link to comment Share on other sites More sharing options...
tweaker Posted December 18, 2016 Author Share Posted December 18, 2016 The Income Tax department has seized alleged unaccounted assets worth Rs 10.50 crore from a tea seller-turned-financier after raids were conducted against him here as part of the anti-black money crackdown post currency scrap. Link to comment Share on other sites More sharing options...
Singh bling Posted December 18, 2016 Share Posted December 18, 2016 Quote Rs 13 lakh crore in old notes deposited in banks post demonetisation, says Govt The government on Thursday informed the Supreme Court that Indian banks have received Rs 13 lakh crore old notes in cash deposits after the demonetisation announcement on November 8. An estimated amount of Rs 14.18 lakh crore was pulled out of the economy when PM Modi decided to withdraw Rs 500 and Rs 1,000 notes last month. It would appear as though close to or a little over 91% of old currency has made its way back to the banking system. On December 7, the Reserve Bank of India (RBI), while announcing the monetary policy said that Rs 11.85 lakh crore has been deposited in banks. http://www.zeebiz.com/india/news-rs-13-lakh-crore-old-notes-deposited-in-banks-post-demonetisation-says-govt-9218 Here goes the hopes of windfall profit, now Overloaded IT officers are last hope but I don't think what they will get is just peanuts tweaker 1 Link to comment Share on other sites More sharing options...
Singh bling Posted December 18, 2016 Share Posted December 18, 2016 Quote PM Modi's digital obsession is not working, and BJP may end up paying a heavy price http://www.firstpost.com/politics/modis-digital-obsession-is-not-working-and-bjp-may-end-up-paying-a-heavy-price-3160092.html Link to comment Share on other sites More sharing options...
beetle Posted December 18, 2016 Share Posted December 18, 2016 Demonetisation: No exemption for political parties, says Finance Minister Arun Jaitley Quote http://timesofindia.indiatimes.com/india/demonetisation-no-exemption-for-political-parties-says-finance-minister-arun-jaitley/articleshow/56038766.cms Link to comment Share on other sites More sharing options...
beetle Posted December 18, 2016 Share Posted December 18, 2016 Tax exemptions to political parties subject to conditions, says government Quote http://timesofindia.indiatimes.com/india/political-parties-depositing-old-notes-in-banks-are-exempt-from-income-tax/articleshow/56023361.cms Personally I am disappointed that even one rupee is being allowed tobe deposited into the account of political parties. There should have been a complete ban on this for this period. Not happy at all.I feel a bit cheated. tweaker 1 Link to comment Share on other sites More sharing options...
vvvslaxman Posted December 18, 2016 Share Posted December 18, 2016 So the way they went about this whole exercise left a lot of them disappointed, outraged. Modi gave so much ammunition to his opponents with this. Known hassles vs unknown benefits. They are having a field day. May be there is another way they could have implemented this. Link to comment Share on other sites More sharing options...
mishra Posted December 18, 2016 Share Posted December 18, 2016 ^ indians are jugaad people. In local towncentre there is a big shop where parking is free if you spend certain minimum Amount. One day one of my desi fnd advised why do you pay for paking at town centre. Just park at the customer parking of that shop. Buy something worth around £20/-. Next week return it. So u get parking free, twice Link to comment Share on other sites More sharing options...
Singh bling Posted December 18, 2016 Share Posted December 18, 2016 Quote Foxconn India benches 25% workers; Lava shuts Noida plant, Intex, Karbonn mull layoffs or benching workforce Demonetisation of high value notes sparked a severe cash crunch that saw sales slump almost 50%, forcing the company to slash production by half. http://telecom.economictimes.indiatimes.com/news/intex-lava-karbonn-to-lay-off-upto-40-workforce-foxconn-puts-a-fourth-of-its-india-workers-on-bench/55932962 Achhe din aane waale hain tweaker 1 Link to comment Share on other sites More sharing options...
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