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Govt says to black money Get white without paying tax

Govt says to black money Get white without paying tax

Govt says to black money Get white without paying tax

Govt says to black money Get white without paying tax

You may be shocked reading the title but yea it is  true. Manier times people sitting on top (i.e. CBDT) which kind of mistakes they make is hilarious. And the mistake has lade to and allowed to people with black money to get their money converted in to white without paying a single panny of tax.
 
Govt of India in its pres release dated 15th December has relaxed PAN requirements on certain transactions. Sr. No. 4 at the Press release is interesting.
 
It says Post office time deposit, Earlier there was a requirement to quote PAN on cash deposit exceeding Rs. 50,000/- and wef from 01/01/2016 it is removed. That mean to make a deposit exceeding Rs. 50,000/- by cash and  no pan is required. That means you can invest unlimited amount by cash starting with 01/01/2016 and post office cant ask you for even your PAN.
 
The provision of TDS u/s 194 do not ask for Post office to make TDS. So Income tax will not come to know about the interest income and with regard to deposit one has placed with Post office.
 
In section 285 there is no requirement on the post office to file annual information return. so income tax department will not come to know from even this route about the investment with post office.
 
Well i do not know government wants to allow the people inside it to get money converted in to white so they did it or by mistake. I hope this issue comes to the notice of government soon and the reverse their decision.
 
Govt says to black money Get white without paying tax

Govt says to black money Get white without paying tax

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