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Offering one last window to black money holders, the government has come out with a scheme giving black money holders time until March-end to come clean by paying 50 per cent tax on bank deposits of junk currencies made post demonetization.
Demonetization had resulted in sharp decline in terror funding, hawala trade, supari killings and human trafficking, particularly of young girls as sex slaves, mainly from Nepal and North East.
The CBDT vide Circular No.43 of 2016 dated 27.12.2016 issued explanatory notes on provisions of the taxation and investment regime for Pradhan Mantri Garib Kalyan Yojna, 2016 as contained in Chapter IX-A of the Finance Act, 2016. The summary of the same is given below.
It’s time to be back to one-day matches after scruffing it out for almost 50 days during the demonetisation cycle. The Govt. has opened up its window for disclosures of income with a 49.9% tax rate under the Pradhan Mantri Garib Kalyan Yojana
Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessment Year 2018-19;
In this Article Hon’ble Finance minister Shri. Arun Jaitley analysed the rationale behind the Demonetisation decision and its impact.
Now as the deadline of 50 days is over, through this new write up, an effort has been made to highlight the gains and losses(both monetary and non monetary) on the so called surgical strike of Government on black money, as well as reasons of not getting desired results & some suggestions to take some effective steps if Govt is indeed serious to curb this menace of black money from our economy .
Cash deposits during the period 1st April, 2016 to 9th November, 2016 in respect of accounts that are reportable to be reported by Banks and Post Office.
Govt’s measures to eliminate shadow economy and tax evasion are expected to have a positive impact on GDP and fiscal consolidation in long run
Department of Expenditure, Ministry of Finance takes various initiatives to promote use of mobile banking/e-banking technology for cashless transactions and e-payments in Central Government Ministries/Departments; Redresses 4475 out of 4508 grievances successfully under CPGRAMS;