How to control black money:
1. Ensure that even petty shop people deposit their cash sales in to a bank account (account opening should be simple & easier).
2. Integrate sub registrar office, sales tax and service tax department with income tax department, there should not be any mismatch of transactions.
3. Conduct audit for sub registrar offices for material differences in the value registered for the properties in same location.
4. Fix a limit for cash sales, receipts in cash, payments in cash for revenue transactions like restrictions for loans & advances in income tax act – 269SS.
5. Abolish higher denomination currencies like 500 & 1000 rupees notes.
6. Abolish entire present currencies and issue new currencies with chips inserted, so it can be tracked through GPS, wherever there is a bulk currency carries, transported, exchanged etc., (atleast for higher denomination notes).
7. Outsource majority of the politicians works to some good companies (companies having good corporate governance).
8. Ask politicians to submit their books of accounts to audit general of India, and Audit general can allot audit work to some chartered accountant secretly.
9. Even companies accounts can be audited in the above said manner through ICAI instead of audit general.
CAclubindia
Great...