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Amount to be deposit

Arpit Jain (Employee) (62 Points)

09 November 2016

Respected Sir, If some one has filed ITR for A.Y.15-16 declaring income of Rs.2.5 lakh.kindly guide me how much money can be deposited in saving A/c. And if no itr is filed at all in that case how much maximum amount can be deposited so that there is no tax compliance on such person. Thank You Rgds. Arpit Jain

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Hemen Parekh (3 Points)
Replied 10 November 2016

A Face Saving Formula ?

With reference to demonetization of old currency notes , Government , yesterday came out with the following clarification :

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By 30th Dec , you are welcome to deposit any amount of OLD notes in your bank account ,

BUT,

If that deposit exceeds Rs 2.5 lakhs , you will need to pay on the excess , 30 % tax plus 200 % penalty

AND

possible prosecution / jail term

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Having introduced the easy INCOME DECLARATION SCHEME earlier and having repeatedly warned the Black Money holders of dire consequences if they do not come clean , it is understandable that the Government has to live up to its words !

With this clarification , one thing is very clear

No one holding crores of Black Money , is going to come forward and deposit more than Rs 2.5 lakh in his bank account !

Even if he has that 230 % ( tax + penalty ) in WHITE / OFFICIAL bank account , who wants to go to jail ?

So , what will they do ?

Of course , BURN UP those old currency notes in order to destroy all evidence !

Now Black Money stashed away locally are estimated at Rs 30 lakh*crore ( @ 15 % - 20 % of our GDP )

Let us say , only 33 % of these are in the form of CASH ( balance being locked up in Gold / Land etc )

This means , some Rs 10 lakh*crore worth of Rs 500 / 1000 notes will get burned in the coming days - adding to air pollution !

Can something be done to , put these money to some PRODUCTIVE USE ( without putting those Black Money holders behind bars ) ?

Let me provide a context , as follows :

A person convicted of having committed a murder and punished with death penalty , says,

" I know I must suffer the consequences of my heinous crime . But after I am declared dead , please donate my heart for transplant and save someone who will , otherwise die "

I believe our Society will accept such an offer gracefully , even if coming from a murderer

MY SUGGESTION :

Please allow those Black Money Holders to deposit those Rs 10 lakh*crore in bank accounts created specifically for :

* Prime Ministers Relief Fund

* Armed Forces Relief Fund

* Environment Rejuvenation Fund

* Pollution Solution Fund

and , above all ,

* BANMALI ( Ban Mal-Nutrition in India ) Fund

{ https://myblogepage.blogspot.in/2016/09/a-mobile-app-named-banmali.H T M L }

Some 1.2 million children ( under age of 7 ) , die in India EACH YEAR , due to mal-nutrition ( since , you do not wish to call it " Starvation " ! )

If each of these children were to be provided highly nourishing food packets each day , costing Rs 50 per day per child , that would cost the Government , Rs 2190 Crore / year

By enabling channelizing those Rs 10 lakh*crore into these Bank Accounts , we will be able to convert that Black Money into White Money ( but for use by the POOR / NEEDY of the Society )

Will those Black Money Holders come forward for such a DONATION ?

They will , if the Government promises that while depositing the old notes into these accounts ,

* NO QUESTIONS will be asked ,

* Depositor does not have to REVEAL IDENTITY !

* There will be no UPPER LIMIT

They have nothing to lose in this World and everything to gain in the NEXT !

Far better than donating crores to Religious Temples / Shrines etc !

Let those Black Money holders " donate " their hearts to the 1.2 million dying children !

I request Shri Narendrabhai Modiji to go, sit silently in front of Raj-Ghat Memorial and ask :

" Did you say : To the poor , God appears in the form of a ROTI in their hands ?

By allowing the Black Money Holders to save these children , am I going to lose face ? "

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