Jump to content

500 & 1000 rs notes stopped from tonight

tweaker

By tweaker
in Chit Chat

 Share

Recommended Posts

Singh bling Mentor

Singh bling

Posted
Posted
Quote

Demonetisation: Modi should have gone after 8 lakh wealthy 'farmers', not common man

http://www.firstpost.com/politics/demonetisation-atm-chaos-pm-modi-should-have-gone-after-8-lakh-wealthy-farmers-not-common-man-3104572.html

 

Figures that are already in public domain show that the entire demonetisation exercise could have been avoided. The government could have unearthed a lot more black money and filled its coffers with much more money had it just followed up on the accounts filed by around 8 lakh assessees.

Illustration by Satwik Gade for Firstpost.

Illustration by Satwik Gade for Firstpost.Who are the 8 lakh assessees? Just look at the table below, and you will see how the number of people who filed income tax returns declaring agricultural income swelled from 2.46 lakh assesssees in 2009 to 4.25 lakh in 2010 to 6.56 lakh in 2011 and then to 8.12 lakh people in 2012. The “agricultural income” bit is extremely important, because all agricultural income is totally exempt from income tax.

Since many of the assessees of 2009 are also likely to have filed their returns in the subsequent years, one can safely assume that the total number of assessees whose returns need to be examined will be just around 8 lakh.

But who are these 8 lakh people? That is something we do not know. All that we know is that the total income declared by them in 2011 and 2012 was a stupefying Rs 874 lakh crore. That represents over 125 years of total taxes garnered by the government in any given year. The average income declared by each assessee during those years was an equally unbelievable Rs 30 crore and Rs 80 crore respectively. Obviously, even if you take the most fertile land with the most expensive crop, average incomes of Rs 80 crore are not easy to come by. Something is amiss.

8 Lakhs wealthy farmers declaring 876 lakh crore of income and going tax free, daylight robbery of nation.and Modi is after people that are depositing 5000 rupees.Still people think Modi is serious about Black money:facepalm:

mishra Grand Master

mishra

Posted
Posted (edited)

^ 876 lakh / 8 lakh =Rs 110 crore income per farmer. But why blame Modi fir taxes Not paid in congress era 2011-12

Edited by mishra
chewy Explorer

chewy

Posted
Posted

As long as there are no major mass violent incidents or mass riots the change is happening successfully...the rest are expected glitches

 

the success of the scheme will only be judged in the next few years 

Singh bling Mentor

Singh bling

Posted
Posted
3 hours ago, mishra said:

^ 876 lakh / 8 lakh =Rs 110 crore income per farmer. But why blame Modi fir taxes Not paid in congress era 2011-12

Congress is corrupt but why not scrutinise these 8 lakhs 99.99% of them are big black money holder. IF IT department can accept that these farmers earn between 30-80 crores then they can easily deposit 100 crores in bank as cash their declared income is between 30-80 crore

mishra Grand Master

mishra

Posted
Posted (edited)
6 hours ago, Singh bling said:

Congress is corrupt but why not scrutinise these 8 lakhs 99.99% of them are big black money holder. IF IT department can accept that these farmers earn between 30-80 crores then they can easily deposit 100 crores in bank as cash their declared income is between 30-80 crore

Tax avoidance is immoral but legal. Governments partially remove tax loopholes Just enough that people dont start relying on foreign tax heavens. So loopholes are there and not there for a reason.

 

Corruption is Not tax avoidance. 

Edited by mishra
BeautifulGame Newbie

BeautifulGame

Posted
Posted
Tax avoidance is immoral but legal. Governments partially remove tax loopholes Just enough that people dont start relying on foreign tax heavens. So loopholes are there and not there for a reason.

 

Corruption is Not tax avoidance. 

Pretty sure tax avoidance is illegal in India unlike UK

mishra Grand Master

mishra

Posted
Posted (edited)
25 minutes ago, BeautifulGame said:

Pretty sure tax avoidance is illegal in India unlike UK

It is not illegal anywhere in world. Key is term "morally" , "name and shame".

 

Point is you can either have benefits of democracy or dictatorship. But you cant have best of both, as being argued as defense against demonitisation. 

Edited by mishra
G_B_ Grand Master

G_B_

Posted
Posted

yup mishra is right....

 

Anyways I read an article saying that average times for waiting in line are reducing. From waiting in line for 3 hours at the peak of demon its come down to 20-40 minutes. Saw somebody on ET now saying that lines become normal by mid Jan.

 

 

Singh bling Mentor

Singh bling

Posted
Posted
21 hours ago, mishra said:

Tax avoidance is immoral but legal. Governments partially remove tax loopholes Just enough that people dont start relying on foreign tax heavens. So loopholes are there and not there for a reason.

 

Corruption is Not tax avoidance. 

Don't get your point. My point was these 8 lakhs fake farmers file their return with average income of 80 crores and IT department accepted it.So when IT department has list of these 8 lakhs fake farmers why not scrutinise them .The whole demonitization was to ensure that black money holders will deposit their money in account and IT department will catch them .So IT department already has list of these billionare fake farmers along with many others.If IT deparment  is not taking action against them then how can Govt will ensure that those deposited huge cash will be caught by Govt?

Singh bling Mentor

Singh bling

Posted
Posted (edited)
4 hours ago, G_B_ said:

yup mishra is right....

 

Anyways I read an article saying that average times for waiting in line are reducing. From waiting in line for 3 hours at the peak of demon its come down to 20-40 minutes. Saw somebody on ET now saying that lines become normal by mid Jan.

 

 

In 10 PM in evening I got cash from empty ATM so yes cash problem will disappear in maximum 1 month Time for people. but when will business activity will become normal? As long as limit from withdrawal is their it is hitting small and medium industry very hard.That industry is already in very bad shape as they are finding hard to compete with more cheaper nations like China or BD. 

Edited by Singh bling
Singh bling Mentor

Singh bling

Posted
Posted (edited)
Quote

Farmers hit as vegetable prices crash down after demonetisation

http://www.hindustantimes.com/india-news/i-am-ruined-farmers-hit-hard-as-demonetization-brings-down-prices-of-vegetables/story-OwgxN4Qk33M6djqpoMk1oJ.html

Quote

We might never know the real pain of note ban: Esther Duflo

Economist Esther Duflo on demonetisation impact, role of randomized control trials in policymaking, low priority assigned to health and education in India

http://www.livemint.com/Politics/iioynzsPtsizQTLnlTLM9J/We-might-never-know-the-real-pain-of-note-ban-Esther-Duflo.html

 

Edited by Singh bling
G_B_ Grand Master

G_B_

Posted
Posted
22 minutes ago, Singh bling said:

In 10 PM in evening I got cash from empty ATM so yes cash problem will disappear in maximum 1 month Time for people. but when will business activity will become normal? As long as limit from withdrawal is their it is hitting small and medium industry very hard.That industry is already in very bad shape as they are finding hard to compete with more cheaper nations like China or BD. 

Many have said Feb end should see demon effects totally go. From industry to getting cash.

 

 

Singh bling Mentor

Singh bling

Posted
Posted
1 minute ago, G_B_ said:

Many have said Feb end should see demon effects totally go. From industry to getting cash.

 

 

And we don't even know that how many small or medium scale industry will be shut forever as they were in already bad shape. The question is How will Now Modi fulfill his promise of jobs , instead of creating he had snatched it from people

G_B_ Grand Master

G_B_

Posted
Posted
9 minutes ago, Singh bling said:

And we don't even know that how many small or medium scale industry will be shut forever as they were in already bad shape. The question is How will Now Modi fulfill his promise of jobs , instead of creating he had snatched it from people

To be fair, if you cant sustain yourself for 4 months. You are officially classified as a zombie company/distressed. Many economic theories have stated that its better to let them go under.

 

With regards to jobs, India's government bond yields have fallen since demon. Ie borrowing for gov is now cheaper. So Modi will generate jobs via large scale infra spending as suggested in the Feb 1 budget.

 

One of the reasons Modi was forced to change track was because the private sector was just not generating enough jobs. The reason for that was piling on debts from 2008-2013. It had become clear that government spending was the only way to have a more sustainable short to medium growth. So he has gambled in generating more funds for the central government and channeling that into infra which India needs.

 

 I think with inflation in check rate cuts should follow in 2017 to ease lending conditions as the banks will now pass on rate cuts.

 

 

 

 

mishra Grand Master

mishra

Posted
Posted
45 minutes ago, Singh bling said:

Don't get your point. My point was these 8 lakhs fake farmers file their return with average income of 80 crores and IT department accepted it.So when IT department has list of these 8 lakhs fake farmers why not scrutinise them .The whole demonitization was to ensure that black money holders will deposit their money in account and IT department will catch them .So IT department already has list of these billionare fake farmers along with many others.If IT deparment  is not taking action against them then how can Govt will ensure that those deposited huge cash will be caught by Govt?

Farmers are on paper and their money is in bank. 

Here the fight is against cash in lockers.

 

As I also mentioned Governments intentionally keep tax loopholes so that money doesnt go out of country/system. All they want is less % of economy using these tax loopholes next years.

 Share
Go to topic listing
×
×
  • Create New...