The Government is now creating a new avenue for corruption through the introduction of the new Taxation Laws (Second Amendment) Bill, 2016 which has been passed by the Lok Sabha and is under consideration with Rajya Sabha. The Bill seeks to enhance the applicable tax rate under section 115BBE of the Income-tax Act, 1961 (the Act) from existing 30% to 60% plus surcharge of 25% and cess thereon. This tax rate under section 115BBE proposed to be increased is only for unexplained income as there were reports that the tax evaders are trying to include their undisclosed income in the return of income as business income or income from other sources. The provisions of section 115BBE apply mainly in those cases where assets or cash etc. are sought to be declared as ‘unexplained cash or asset’ or where it is hidden as unsubstantiated business income, and the Assessing Officer detects it as such. This is the area where the corruption starts. It is for the assessing officer to detect it. With my experience with the Income Tax Department (REF:- My autobiography "A FRAUD IN THE INDIAN CONSTITUTION" - With full details part II is under preparation), an Income Tax Officer can be very easily be convinced that there is no unexplained income. If he is not convinced there are authorities above him to get him convined. Since due to the shortage of currency, convincing can be done through the unexplained income readily available with the assessee. Then comes the CAG audit to certify that there is no unexplained income and whatever ITO has done is absolutely correct. Then everything is white....white......White....
So after the bill is passed everything will be white. What is outside India is already WHITE.
(for more information, visit:- www.manjaly.net)
No comments:
Post a Comment