125,000 Retired Income Tax officers aged 58-61 years have been recalled by Modi.
They have 3 day training from 28-30 Nov and join work on 1 Dec.
What work they will do is anyone’s guess.
The financial year will shift to
Announcement will be made on 30th December.
There is a strong possibility that Government may scrap Income Tax from FY 2019-20 and replace with Banking Transaction Tax by(BTT).
1st April 2019 possibility of only two taxes
1. * * Direct Tax as B T T
2. * * G S T as indirect Tax.
How does the Government plan to remove black money from India ?
Step 1: Dismantle the cash economy by not allowing any cash transaction above Rs.10000 without PAN or Aadhar.
Step 2 : All salaries and business expenses required to be made in cheque or RTGS only to claim expenses in Income Tax. All cash transactions to be disallowed.
Step 3 : A Cash Limitation order will be issued that will allow only maximum cash allowance of total Rs.50000 per person.
Step 4 : As the cash economy is destroyed after a few months, the Rs.2000 note will be demonetised with a limited notice.
With very limited cash available in the market, the cash economy will be strangled to death.
Step 5 : As some of the cash economy will try to shift to Gold, Gold coins manufacturing and imports will be banned.
Step 6 : A Gold and Precious Jewellery control order will be issued which will allow only 500 gram of Gold per person and a certain value of other jewellery. Relaxation will be given for existing jewellery if declared to authorities as per format. After a certain date, all undeclared Gold and jewellery will be liable to be taken over by the state.
Step 7 : A Property and Asset Declaration order will be issued where all property (*Land, Buildings and Flats) and shares will have to be declared to the authorities in a particular format. After a certain date, all undeclared property or shares will be liable to be taken over by the state.
That will complete the removal of black money from India.