The man who claimed credit for Modi’s demonetisation move is now unhappy with how it has turned out

[el che]

Jan Dhan account are opened on the basis of AADHAR card, not PAN card. That means bio-metric data, name and address.

Also there is no statutory limitations on tax review. There is only period of limitation on your filings.



It does not matter if the money is withdrawn. What matter is following the line of enquiry till they reach the Real culprit. The IT dept will have a definite line of enquiry, especially if the line of enquiry one or more Jan dhan account leads to the same person.

Then what follows is the usual IT raid that will either uncover cash, or property or movable assets hidden in his house, farm houses, vehicles or bank lockers.

Jan Dhan accounts were opened by poor people with hope of getting Rs.5000/- in their accounts. Bank's were assigned huge targets. Forget AADHAR/PAN many didn't even have proper ID proofs and accounts were opened based on Panchayat's certificate. I have witnessed this myself.

No tax review can be done for income six years earlier, even for a raid, as per Income Tax sections 153/148.

IT raid sounds very easy but it is not so easy. One IT officer only raids 4/5 times in one year. This is followed by close examination of the documents found in raid and finally assessment. The process is time taking. And here we are talking about lakhs of accounts where money has been deposited. IT department is only capable of examining very high deposits with their current manpower. Ask any income tax official and he will confirm the problem of conducting thousands/lakhs of IT raids.

 

[AZADPAKISTAN2009]

Surgical strike

 

[el che]

Doesn't look so....

Post-demonetisation deposits in Jan Dhan accounts hardly significant

Read more at:
http://economictimes.indiatimes.com...ofinterest&utm_medium=text&utm_campaign=cppst

Such a stupid analysis. The author focuses on the average deposit instead of those accounts where money has been deposited.

As per the article Rs. 28,684.94 crore have been deposited in such accounts. If we take Rs. 2.5 lakhs deposit per account, the number of such accounts is 11,47,400.

If the deposits are below Rs.50,000/-, for which no pan is required, the number of such accounts rises to 57,37,000.

Now you say that govt can examine and tax these? Ask any IT official the difficulty of examining so many account holders. Not even 5% is possible, the 5% is also an exaggeration.

 

[livingdead]

not sure where media found this 'chanakya' ... lol...

 

[TimePass]

Jan Dhan accounts were opened by poor people with hope of getting Rs.5000/- in their accounts. Bank's were assigned huge targets. Forget AADHAR/PAN many didn't even have proper ID proofs and accounts were opened based on Panchayat's certificate. I have witnessed this myself.

No tax review can be done for income six years earlier, even for a raid, as per Income Tax sections 153/148.

IT raid sounds very easy but it is not so easy. One IT officer only raids 4/5 times in one year. This is followed by close examination of the documents found in raid and finally assessment. The process is time taking. And here we are talking about lakhs of accounts where money has been deposited. IT department is only capable of examining very high deposits with their current manpower. Ask any income tax official and he will confirm the problem of conducting thousands/lakhs of IT raids.

Jan Dhan account have OVERDRAFT facility upto Rs. 5000. No on expected free money to be deposited into this account.

These are the documents required to open Jan Dhan account.

1. If Aadhaar Card/Aadhaar Number is available then no other documents is required. If address has changed, then a self certification of current address is sufficient.

2. If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving License, PAN Card, Passport & NREGA Card. If these documents also contain your address, it can serve both as “Proof of Identity and Address”.

3. If a person does not have any of the “officially valid documents” mentioned above, but it is categorized as ‘low risk' by the banks, then he/she can open a bank account by submitting any one of the following documents:

4. Identity Card with applicant's photograph issued by Central/State Government Departments,cStatutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks and Public Financial Institutions;

5. Letter issued by a gazette officer, with a duly attested photograph of the person.

What is mandatory is the address proof, Name and Photograph of the account holder.


Second about the tax Raid, you appear to have misunderstood my post.

The raid will not be on all jan dhan account holders. They will only be subject to ENQUIRY. The raid will be conducted on the END RESULT of that Enquiry, which will reveal the name of the actual culprit.

Do you get it ?

 

[endyashainin]

Seriously, can India ever implement anything with competence? Why does India have to botch everything?