bssunilreddy
Juggernaut
Is 24K sufficient for the next 6 months?
Demonetisation and its Aftermath
- Thread starter psyph3r
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bssunilreddy
Juggernaut
I simply cannot sympathise with Modi haters anymore.
I really cannot come to terms that there are people who neither want BJP nor Kongress.
Such people need more time to wait to vote for such a favorable person.
I really cannot come to terms that there are people who neither want BJP nor Kongress.
Such people need more time to wait to vote for such a favorable person.
More than sufficient. Should suffice for 4 months at least. Situation will be normal by then. Will only be using it for paying maids and veggies. For everything else I've been using paytm and cards. For things like bike servicing, mattresses I used cheque.
I for one have decided against going to restaurants who do not accept card. Many renowned restaurants in Camp, Pune area do not accept cards.
Yesterday visited hardware shops to buy replacement for a few broken door handles. Most of the shops I visited were accepting cards/paytm. The shop owner even gave access to his wifi to use paytm.
In some shops there were notices saying VAT will be charged for card payments.
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Closet tax evaders and black money hoarders seem to be the only ones left that are still praising this openly and for obvious reasons. Some days back, a so called BJP youth leader who encouraged people to make sacrifices for the "greater good" and even quoting soldiers standing on the borders was caught with large hoard of Rs 2000 notes. There is no way any honest tax payer would find it acceptable to suffer for no reason while black money hoarders have it easy. A black money hoarder would not be bothered even if they were to lose some money because it is often easy money for them and they can earn it back later.
I want to report every one of these potential tax evaders and hoarders I find including those at my work to the Income Tax dept for scrutiny, but I have never found any meaningful process for the same and it also looks like they don't care for the most part. From what I read, for larger scale evasions, you have to write to PMO or FM and they will decide, but that's like calling up to the thieves den to complain about their comrades.
If anybody knows of any meaningful process that is in place to report potential evaders for scrutiny, please let me know. I am just about fed up with these politician butt licking tax evaders trying to preach patience to folk who have honestly and meticulously paid their taxes for years.
I want to report every one of these potential tax evaders and hoarders I find including those at my work to the Income Tax dept for scrutiny, but I have never found any meaningful process for the same and it also looks like they don't care for the most part. From what I read, for larger scale evasions, you have to write to PMO or FM and they will decide, but that's like calling up to the thieves den to complain about their comrades.
If anybody knows of any meaningful process that is in place to report potential evaders for scrutiny, please let me know. I am just about fed up with these politician butt licking tax evaders trying to preach patience to folk who have honestly and meticulously paid their taxes for years.
I don't know. sometimes I think kejriwal but I don't know what will he do when he comes into power. Its a very tough question. The fact is citizens themselves should have unity they also have responsibilities if we unite no one can cheat us or the common people.
24k can be made to last more than a year depending on your cash needs, but what most people need is smaller notes like Rs 50 and 100. It is useless to have that amount in Rs 2000 notes. I didn't withdrew cash from my account at all for a long time till this fiasco happened. So, I didn't even have a single Rs 500 note to deposit back. My mom however has a pension account and the security measures enforced by the govt/bank on pension accounts ensure that she can only withdraw in cash form using ATM card and she has to do it every month or the pension will be stopped. Net banking and debit card access are not allowed for her account. So, she withdraws cash using her account every month which is also in excess for cash needs.
The new situation is that we don't get cash even when we need it. I went to bank at 9.15 AM to withdraw money using cheque and stood still 1 PM to get Rs 2000 (max allowed). What's even worse is that the govt is trying to blame the private banks for helping black money hoarders when they are not even being provided with sufficient cash. I was there when the cash was brought to the bank and they were being provided between 4~8 lac per day. Most of the cash was going to nationalized banks and Axis bank. So the leakage must be all from these banks or even before the money reaches the banks.
Don't completely count on cards through and keep alternative means handy. I had to skip meals several times since the note ban because of card readers malfunctioning (excessive usage of the devices and network problems) and not having any usable cash. Most places that take cards do not allow digital wallets. The digital wallets are not dependable either
http://economictimes.indiatimes.com...deposit-of-old-notes/articleshow/56022656.cms
Political parties and their accounts are exempt from scrutiny no matter how many old notes are deposited in cash. Political trusts were always a prime means for politicians for black money laundering along with the religious trusts and now they ensured complete immunity for themselves and opposition. Every scam and black business involves politicians from all major parties. Regardless of what drama they do before the stupid people who keep licking their butts for whatever reason, these politicians will always ensure protection for each other. That's why there will never be any action against politicians even when their corruption is glaringly visible. As if that is not enough, there are stupid people who try to justify their corruption by pointing that somebody in the other party is also corrupt as if that excuses their corruption while not considering that the politicians are all birds of the same feather.
They go on to say that the system is still foolproof in preventing abuse as if abuse hasn't been happening all this time. If a person can submit a sworn affidavit stating that his income is only 2.5 Lac during an election no less and goes on to lavishly spend crores of rupees during a time when people were suffering to get petty cash for daily needs, its all just ignored as if that didn't even happen. Whats important is that normal people need to suffer as long as possible for the greater good. Also, btw, they again increased the time for normalcy to 70 days now. Wait a few days and they might even admit that its going to take 8 months to an year for the cash problems to be sorted out.
When Paytm systems broke down today for a short while, people made such a cry on social media because they could not make a bill payment or could not buy something, but have the gall to judge that the ordeals of the people who don't have access to such facilities as trivial or minor inconveniences.
Political parties and their accounts are exempt from scrutiny no matter how many old notes are deposited in cash. Political trusts were always a prime means for politicians for black money laundering along with the religious trusts and now they ensured complete immunity for themselves and opposition. Every scam and black business involves politicians from all major parties. Regardless of what drama they do before the stupid people who keep licking their butts for whatever reason, these politicians will always ensure protection for each other. That's why there will never be any action against politicians even when their corruption is glaringly visible. As if that is not enough, there are stupid people who try to justify their corruption by pointing that somebody in the other party is also corrupt as if that excuses their corruption while not considering that the politicians are all birds of the same feather.
They go on to say that the system is still foolproof in preventing abuse as if abuse hasn't been happening all this time. If a person can submit a sworn affidavit stating that his income is only 2.5 Lac during an election no less and goes on to lavishly spend crores of rupees during a time when people were suffering to get petty cash for daily needs, its all just ignored as if that didn't even happen. Whats important is that normal people need to suffer as long as possible for the greater good. Also, btw, they again increased the time for normalcy to 70 days now. Wait a few days and they might even admit that its going to take 8 months to an year for the cash problems to be sorted out.
When Paytm systems broke down today for a short while, people made such a cry on social media because they could not make a bill payment or could not buy something, but have the gall to judge that the ordeals of the people who don't have access to such facilities as trivial or minor inconveniences.
dafreaking
Herald
I'm eagerly waiting for the high commands spin on this, if any at all. On another note (no pun intended) ICICI has been sending out mailers about making digital India a reality. HAHAHAHA more money for those *****************
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http://timesofindia.indiatimes.com/...ew-disclosure-scheme/articleshow/56020463.cms
Now they have setup a e-mail Id for sending info about black money holders. Now, what I am wondering is this. If I send them info about Nitin Gadkari, I mean the same stuff from his own self filed affidavit, will they take action?
Now they have setup a e-mail Id for sending info about black money holders. Now, what I am wondering is this. If I send them info about Nitin Gadkari, I mean the same stuff from his own self filed affidavit, will they take action?
N
NotMyRealName
See this is exactly what you people are just hung up on. It has nothing to do with modi personally. Tomorrow if rahul or gandhiji himself did something similar, we would be against it. It has to do with human freedom, liberty and democracy. You need to stop putting individuals on pedestals and worshiping them.
You are right though, that there are really no good options. Just like what happened in the USA. IMO, rahul is not PM material, so congress needs to pick a better headpiece. Kejriwal is a kinda wild card. But democratic elections is all about picking the lesser of two evils i think. and since his precedents in gujarat, modi is not it.
rdst_1
Innovator
So I was reading about the tax exemptions that political parties enjoy.
According to Section 80GGB, a company can donate any amount to a political party and claim tax benefit for that amount. The political party won't have to give any tax on that amount either.
So that means, if I am a member of a political party and have a business as well, I can very easily donate all my profits as a businessman to my political party and not pay any tax at all.
On one hand they talk about increasing the tax net to include more individuals and businesses while on the other hand they leave open such glaring loopholes that they themselves can exploit and enjoy while the salaried class bears all the burden.
P.S. - Before starting a business, one should probably start a political party of their own.
According to Section 80GGB, a company can donate any amount to a political party and claim tax benefit for that amount. The political party won't have to give any tax on that amount either.
So that means, if I am a member of a political party and have a business as well, I can very easily donate all my profits as a businessman to my political party and not pay any tax at all.
On one hand they talk about increasing the tax net to include more individuals and businesses while on the other hand they leave open such glaring loopholes that they themselves can exploit and enjoy while the salaried class bears all the burden.
P.S. - Before starting a business, one should probably start a political party of their own.
The main purpose of these political trusts and in many cases, religious trusts these days is black money movement and so no political party would never allow them to be affected. That's why I said in one of my earlier posts in the very thread that any govt or political party serious about stopping black money would attack these first and foremost. I can understand exemptions for charitable trusts, but I don't see a single damn reason for giving exemptions to religious or political trusts. Now they have come out with practical carte-blanche for political parties.
In the past, I have also known of people in IT sector who would register NGO solely for the purpose of tax evasion. They would donate money into the trust and issue 80G certificates for themselves in order to evade taxes. There is no accountability or scrutiny for these kind of outfits.
In the past, I have also known of people in IT sector who would register NGO solely for the purpose of tax evasion. They would donate money into the trust and issue 80G certificates for themselves in order to evade taxes. There is no accountability or scrutiny for these kind of outfits.
hotshot05
Guide
Saw this just now - http://www.financialexpress.com/ind...rs-account-bank-says-its-mistake/477847/lite/
As far as I know, bankers have to balance the ledgers everyday. So even if there is a Rs.5 discrepancy, the branch will have to take care of it by day end. I have heard that cashiers/branch managers put in their own money to balance the ledgers (may be an urban legend too).
So how in the world was 1 crore balanced in the ledger if the person put in only 10k? That is a huge deficit.
As far as I know, bankers have to balance the ledgers everyday. So even if there is a Rs.5 discrepancy, the branch will have to take care of it by day end. I have heard that cashiers/branch managers put in their own money to balance the ledgers (may be an urban legend too).
So how in the world was 1 crore balanced in the ledger if the person put in only 10k? That is a huge deficit.
Yes, they have to settle the accounts by EOD. There was a recent case with SBI, the cashier accidentally paid 24K, but forgot the take the 24k in old notes. The cashier had to pay from his pocket.
He will take revenge and will hardly be able to do anything else.
According to Arun Jaitely they are not.
If you read / watch his statement again. He said that no new exemption is given to political parties. All existing policies are in place for them.
What he means: That all donations under 20000 cash per donor will not require to furnish PAN card details and will not be scrutinized by IT. dept. Which means if a party has 1CR INR of black money all they need to do is make 500 entries of Rs 20,000 using all random names. No ID proof or source of income or PAN details are reqd.
And he added that if any party is found misusing these existing norms they will be prosecuted under law. But you tell me when there is no law or legal requirement to trace the donor who has donated under 20000 INR then how can any action be taken against a political party.
The only silver lining here is that EC has come into action and suggested(Not confirmed if this is in force as of today) that the Rs20,000 limit be reduced to Rs2000.
It still wont stop the political parties from doing what they currently do. Only thing is instead of making 500 fake random entries they will now have to make 5000
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