Deposits of old notes in banks not to enjoy tax immunity
As Prime Minister Modi take the decision to take Note of RS 1000 and 500 from market. After this lot of people thinks that they get relax in income tax after depositing these notes in bank but this is not true Finance Minister Arun Jaitley make it very clear that people can not enjoy immunity from tax on this money.
| S.No | Things Need to Know | Detailed Information |
| 1 | Who announced this Tax Immunity after the banning of Rs.500 and Rs.1000 currency notes in India | Finance Minister, Mr. Arun Jaitley |
| 2 | Date of Announcement | 09 November 2016 |
| 3 | Approximate Penalties for unaccounted Income | 30% of Tax along with 50% to 200% fine |
| 4 | Cases for which 50% of Penalty levied | In case of Under-reported income |
| 5 | Cases for which 200% of Penalty levied | In case of misreporting income |
| 6 | When will the Banks keeps track of all transaction? | If transaction held over 2 Lakhs |
| 7 | Is it mandatory to provide valid ID proof for depositing cast on own account | Yes |
These notes are taken from the market just to stop black money, corruption and counterfeit currency. There will be no relation of tax with these notes.
He said that if you paid tax on time and you have no black money then you need not to worry you can get all your money exchange with new currency.
How much money people get relaxed on exchange of old currency:
- The small amounts of deposit with Rs 25, 30 or 50 thousands respectively that people usually have in their house for home expenses could be easily exchangeable, they need not worry.
- Housewives and farmers also need not to worry, they can deposit up to 2.5 lakh cash in their account without any kind of worry.
This lack of money in market is only for few days, as govt is in process of creating new currency of 1000 and 500 notes. Once this process is complete then the money problem in the market gets resolved. Also people who have lot of black money will get dispose in the market and it is expected that after that people will aware of paying the tax on time and it make the india best tax payee country.
Also this plan will free the Indian market from all the duplicate currency. There is a premium now that this choice has created on sincerity and dis-premium on dishonesty.Most of Indian people welcome this agenda, because they think now poor people will get justice and people who have black money will get punish.
How this plan is beneficial to Indian Economy:
- This will stop the corruption from the Indian market because people who have black money now have to give complete detail of their money.
- As from last many years Indian market is full of duplicate currency of 500 notes. This decision will also get rid Indian market from this duplicate currency
- People who collect lot of black money and had not paid the income tax on time, these people will soon be caught by the income tax officer and govt fill all the loss of Indian ecnomoy which is occurred because of these corrupt
So the people who have black money need to worry but people who did not do wrong need to worry because they will get their entire 500 and 1000 notes convert back into new currency.
Also govt request the people to keep away from the wrong statement because wrong statement will create problem. So now it is time to cooperate with the govt so that our India will become corruption free and wrong people will get punished.
Other Articles
