Black money

This query is : Resolved

Report Abuse Follow Query Ask a Query

Maulikgiri Goswami

Maulikgiri Goswami (Querist)
Follow

30 July 2014 whether goverment should provide any concession to the black holder to get back the it ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

31 July 2014 in my personal opinion, any amnesty scheme is like validating past crimes - specially when money has been fleeced out of the common man hand's through corruption.

So no concession should be given

Message likes : 1 times

Maulikgiri Goswami

Maulikgiri Goswami (Querist)
Follow

31 July 2014 can there be any incentives given ,for them to surrender their money if at and all by any chance?

Upgrade to CAclubindia Pro. Subscribe Now!

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

31 July 2014 well income-tax department has given such incentives in past through Voluntary income disclosure scheme.

But I firmly believe it is against the spirit of equality and natural justice.

Message likes : 1 times

Maulikgiri Goswami

Maulikgiri Goswami (Querist)
Follow

31 July 2014 but if we will think same than it will take much more time to get back the same. i think so many years. so there should be incentive or there should be some benefits to them so that it can be easy.

Sanket Shah

Sanket Shah (Expert)
Follow

05 August 2014 I completely agree with answer provided by fellow expert.

If we start providing any type of concessions for bringing black money back to the system, it will encourage others to generate more black money in order to get immediate tax benefits and future concessions also. Here, chances of people getting encouraged is high.

For bringing black money back, system has to rope in tight regulations and its effective implementation. Rather increasing tax rates, tax base should be pondered upon.

According to me many ways are there to bring black money back to the economy but giving concessions will never solve the issue rather increase the potential to promote it.