Black To White
On 8 November 2016, prime minister (PM) Narendra Modi demonetised the Rs500 and Rs1,000 currency notes in an effort to strike a body blow at black money. This move inflicted enormous daily hardship on almost every Indian for several weeks in, what was touted as, a nationwide purification yagna. And, yet, this ‘surgical strike’ did not even touch a wide variety of strategies used by people...
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  • Foreign accounts, property, bullion can't be declared under PMGKY
    The government on Wednesday clarified that only unaccounted domestic cash holding can be declared under the new tax evasion amnesty scheme announced after demonetisation and not jewellery, stocks, immovable property or overseas accounts.
     
    "The Scheme is hence not available for declaration of an income which is represented in the form of assets like jewellery, stock or immovable property," the government said by way of a second set of frequently asked questions (FAQs) on the Pradhan Mantri Garib Kalyan Yojana (PMGKY) announced in November.
     
    "Only income represented in form of cash or deposit in an account can be declared," it said.
     
    Under this scheme, undisclosed income deposited in any bank or post office account can be declared by paying 50 per cent of the amount in taxes and surcharges. Besides, a quarter of the total sum is to be put in a non-interest bearing deposit for four years.
     
    The Central Board of Direct Taxes (CBDT) said that a person "against whom a search/survey operation has been initiated is eligible to file declaration under the Scheme".
     
    "Undisclosed income represented in the form of deposits in foreign bank account is not eligible for the Scheme."
     
    CBDT said a declaration under the PMGKY scheme can be filed in respect of deposits made in an account maintained with an specified entity by any mode such as cash, cheque, RTGS, NEFT or any electronic transfer system.
     
    No credit for advance tax paid, TDS or TCS will be allowed under the scheme.
     
    "A person can avail the scheme for any assessment year commencing on or before April 1, 2017. Hence, deposits made in bank account prior to financial year 2016-17 can also be declared under the Scheme," it said.
     
    Announced following the government decision to scrap Rs 500 and Rs 1,000 notes, PMGKY commenced on December 17, 2016 and will remain open till March 31, 2017.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • User

    Rs4,807 cr black income detected, Rs112 cr of new notes seized
    Following the demonetisation of high-value currency announced on November 8, India's Income Tax Department has detected undisclosed income of over Rs 4,807 crore and seized new notes worth Rs 112 crore, an official source here said on Sunday.
     
    Since the demonetisation intended to eliminate black money, counterfeit currency and terror financing, the tax authorities carried out 1,138 search, survey and enquiry operations and have issued 5,184 notices to various entities on charges of tax evasion and currency dealing through hawala channels, the source said.
     
    The total undisclosed income admitted or detected till January 5 is over Rs 4,807 crore, he added. 
     
    According to the official, cash and jewellery worth over Rs 609.39 crore has been seized during the same period, while the new currency seized is valued at more than Rs 112 crore.
     
    On Decmber 16, the I-T Department had announced it had uncovered concealed income to the tune of Rs 2,600 crore and had seized a total of Rs 393 crore involving nearly 300 cases.
     
    Briefing reporters here, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said: "We have conducted searches and seizures in about 291 cases, carried out surveys in 295 cases. 
     
    "We have seized currency notes over Rs 316 crore in raids, including Rs 80 crore in new notes. Besides, jewellery of Rs 76 crore has also been seized making for a total seizure of Rs 393 crore."
     
    The head of India's Income Tax Department also said that 3,000 notices have been issued on the basis of their analysis of deposits made since demonetisation was announced last month.
     
    Meanwhile, describing the currency deposited with banks following demonetisation as money that has lost its earlier "anonymity", Union Finance Minister Arun Jaitley on Sunday said such deposits do not automatically become legitimate, and can now be identified with the owner for taxation purposes.
     
    "Black money does not change its colour merely because it is deposited in bank. On the contrary, it loses its anonymity and can now be identified with its owner," Jaitley wrote in a Facebook post titled "Demonetisation -- A look back at the last two months". 
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • User

    COMMENTS

    B. Yerram Raju

    3 years ago

    Who will conduct the search of all the Income Tax Inspectors and Income Tax Officials' accounts and assets? If the Government opens this window quite a bit of black money can be unearthed. Second, the doctors - even the tax sleuths would be afraid of touching them because who knows when they need the services of the doctor on whom the inquiry is on. There will be many skeletons in the cupboard. Open them.

    REPLY

    Dalip Singh

    In Reply to B. Yerram Raju 3 years ago

    not a single raid on Bollywood IPL/BCCI or in KASHMIR !As for fake currency even RBI unable to detect !

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