How Indian Government Calculating Black Money after 31 December 2016.
How Indian government is going to calculate black money is very interesting topic every one want know.here bringing some of best and practical ways how Indian government planning to calculate black money with in country. Narendra Modi already told black money is not in Swiss bank. why Indian government taking step to collect black money from Indian .In India 88% money earning people are not paying income taxes to government.I think this statement is made Modi to take step to ban 500&1000 notes in India.Here another example Indian government collected 12 lakh crores unaccounted money from Indians in form of 500&1000 notes with in one month from 8 November ,2016 on wards.
Indian society is developed like this every one want earn money with out paying taxes to government. Modi made decision by studying Indian currency movement by observing nearly more than two years.Every Indian who are not paying taxes to nation are cheating our self by result for this most people are struggling to get employment and basic needs.Indian government is not investing money in setting up new industries in India as per data from last two decade single government industry not established.
India is growing in exporting goods from china and western counties i think this is not growth this is not healthy growth. Indian government have good amount of proofs that black money is available in India as currency,real estates,gold and illegal business.
Most people made money from different sources and converting into money into fixed asset and gold. In India fixed assets are real estate investment.Indian government already kept income slab 2,50,000 for men and 3,00,000 for woman. Indian government already collecting nearly up to 18% taxes on gold and up to 6% percentage as real estate registration charges from benedictory.
Suppose one person earned 25 lakhs as income from salary or business .he/she will try to purchase land or house but pays only tax 6 % as registration charges as per new rule from 31 December 2016 on wards property owner have to prove income before purchasing property is same case with gold purchase.Indian government is trying to creating list from various registration offices and gold merchants He/she not able to provide income from different sources government will collect more than 30% above as direct tax from end user.