The Benami Transactions (Prohibition) Amendment Act, 2016 Came Into Effect On Tuesday, 1st Nov 2016. You People Must Be Aware To The Consequences Of Depositing Unaccounted Money Shall Put You Behind The Prison Up To 7 Years Along With A High Plenty Charged For Violation Of The Act Said The Reserve Bank Of India. Why You Guys Are Not Cooperating In Making Our Country Free From Corruption And Black Money? This Is Our Country And Our Prime Minister Narendra Modi Is Trying Making Life Easy For Everyone. So Say “NO” If Someone Asks You To Deposit Their Money In Your Bank Account.
In This Article We Will Tell You About The Warning The Income Tax Department Has Come Out With In Newspaper Advertisements To Make The Public Aware Of The Consequences Of Making Illegal Deposits.
“It Is Reported That Certain Gullible Persons Are Exchanging These Notes On Behalf Of Others; Some Are Even Helping Them By Depositing The Hoarded Cash Into Their Own Bank Accounts,”
So, This Is High Time And A Last Warning By The Reserve Bank Of India. Don’t Allow Anyone To Deposit Unaccounted Money In Your Bank Account. To Get Deep Details Regarding Benami Transactions Act 2016 Read The Below Given Information And Also Statements Of Some Ministers. Have A Look…
Some important points to know about tax on black money, Benami Transactions act and Government’s New Income Declaration Scheme. Here we go…
#1. By the end of the year submit all your old 500-and 1,000-rupee notes, after that bank will not accept. And remember deposits over 2.5 lakhs will be studied by tax officials.
Statement By Preeti Khurana, Chief Editor Of Cleartax.Com
“The Tax Department Can Question Cash Deposits And Depositors May Have To Explain And Justify Those Cash Deposits That Have Been Made From Disclosed Income To Avoid Penal Consequences”
#2. Under The Benami Transactions (Prohibition) Amendment Act, 2016, If Caught With Illegal Money Deposits Then You Will Provides Imprisonment Up To Seven Years And Fine For Violation Of The Act Which May Extend To 25% Of The Fair Market Value Of The Benami Property.
#3. The Individuals Who Recognize They Have Set Black Or Beforehand Untaxed Cash In Their Records Will Pay 50 Percent In A Mix Of Duties And Expenses. A Divulgence Plot Called The Pradhan Mantri Garib Kalyan Yojana (PMGKY) 2016 Permits Individuals To Store Cash Till April By Paying 50 Percent The Aggregate Sum- 30 Percent As Duty, 10 Percent As Punishment And 33 Percent As The Saddled Sum, Out Of Which 10 Percent As Garib Kalyan Cess Will Be Send.
#4. Rest 25 Per Cent Of The Money Will Be Available To The Account Holder. The Other 25 Per Cent Or Rest Of The Dark Cash That Is Being Changed Over Will Be Utilized By The Administration For A Long Time In An Uncommon New Reserve That Will Be Known As The Pradhan Mantri Garib Kalyan Yojana And Will Be Utilized To Store Welfare Plans. No Money Will Be Paid To The Proprietor For This.
#5. Under The New Law, An Appellate Tribunal Will Hear Offers Against Requests Go By The Adjudicating Authority. Bids Against Requests Of The Tribunal, Thus, Will Be Heard By The High Court.
Try Not To Be In Risk Just Because Of Others By Allowing Them To Deposit Their Illegal Or Black Money In Your Account As Your Help Can Bring You In Trouble. We Have Given All The Important Points That Are Essential To Know About Benami Transactions Act. Read It Carefully And Be Safe…
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