Change is required in thinking among those people. November 7, at 9: All the monetary transaction has to be through the banking methods and individuals have to be accountable for each penny they possess. hiring a writer property manager The announcement of the demonization of the currency has caused huge inconvenience to the people. June 4, at
If these are the merits, there are demerits of this policy as well. Now such activity can easily be tracked and income tax department can catch such people who are in the business of money laundering. buy argumentative essay writing powerpoint At the same time, daily wage earners, auto drivers, hawkers and small employees are forced to go for digitalizing their transactions.
Demonetization of currency means discontinuity of the particular currency from circulation and replacing it with a new currency. The government has given the tax evaders many opportunities to come clean through the Income Declaration Scheme and new Taxation Laws Second amendment bill. professional essay write paper format If these are the merits, there are demerits of this policy as well.
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If these are the merits, there are demerits of this policy as well. They are running to the banks to exchange, deposit or withdraw notes. But if you failed to declare the undisclosed income cash deposits during the demonetisation period under PMGKY and are subsequently identified by the tax department, then you will have to face the following consequences: Home Demonetisation Advantages and Disadvantages of Demonetisation.
I have a question, 1. Change is required in thinking among those people. The move will stop funding to the unlawful activities that are thriving due to unaccounted cash flow. Even a failed state like Pakistan has took action on his PM as his relatives name came up in that. Every decision has some positive and negative effects, so is for de-monetisation step taken by the government.
It has deeply affected business. Here is what they have to say about the drawbacks of demonetisation: Its very early to decide on the pros and cons of this decision and only time will tell.
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On the other hand, the critics of demonetisation have a completely different opinion about the effects of demonetisation on the Indian economy. They were asked to deposit all the money in their Jan Dhan accounts and do their future transaction through banking methods only. buying research paper using structural equation modeling January 23, at 5: Tax payers increased, Tax collection increased. For FY , 1.
But those who do not file the return under the scheme and are caught later with undisclosed income in any scrutiny assessment will have to pay Most of the people who have been hiding their income are now forced to come forward to declare their income and pay tax on the same. The government can get income tax return for the income on which tax has not been paid.
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A major reason behind demonetisation was that a big part of black money was being used for funding terrorism, gambling, in inflating the price of major assets classes like real estate, gold and other social evils. Ask for details Follow Report by Shwarms5praviajohn Banning high-value currency will rein in criminal activities like terrorism etc. Leave a Reply Cancel reply Your email address will not be published. During cash crisis, government changed its goal post to cashless economy as it was benefial to them in collecting tax but this lasted for few months.
The demonetization policy is being seen as a financial reform in the country but this decision is fraught with its own merits and demerits. Those indulging in taking bribe will refrain from corrupt practices as it will be hard for them to keep their unaccounted cash. January 23, at 5: The only benefit of Demonetisation is tax collection which was the main motive of government but this costed huge to us as a nation..
He carries experience in creating a wide variety of content like blogs, press releases, research papers, etc. Now, everyone wants to know if it was a masterstroke by the government or a setback to the nation. November 10, at December 2, at 5: It was a major decision which had its impact on all sections of the society.