Are small co.s/traders overinvoicing to launder
Over-invoicing of sales by small and under-noticed companies may be spiking. This way of black to white enables companies/businesses to show sales income while sales may have been down post-demonetisation.
This is how it works: if, say, Company A showed sales of Rs 70 for every Rs 100 of actual sale before 8 November (the balance Rs 30 not being shown in the books), post-demonetisation, even if sales have fallen, they can be shown as Rs 100, thus laundering what was earlier black. more
This is how it works: if, say, Company A showed sales of Rs 70 for every Rs 100 of actual sale before 8 November (the balance Rs 30 not being shown in the books), post-demonetisation, even if sales have fallen, they can be shown as Rs 100, thus laundering what was earlier black. more
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There were many who showed 300 to 400 % increase of sale on 8th Nov, these traders are the one who will be definately in IT scanner. Nevertheless, what about govt Employee, Bureaucrats, Revenue Dept employees, and of course not to mention Politicians, they are the who has huge Black Money Invested In Real Estate, Gold and Cash. Are the govt. doing anything? more
Dec 13
Consult a good CA, he will advise the loop hole in the system. Or recruit me at a salary of Rs. 1.5 lacs pm + perks. I will be glad to leave my present job and join you. Same I believe, I have got my worker deposit in his account Rs. 40,000.00 now he says I gave him. Will not stand in court - I will simply say I paid him advance as he requested it and I do have voucher singed by him dully confirmed on 07.11.16. IN MY OPINION - TO ELIMINATE TRADE BLACK MONEY / CORRUPTION - NO SHORT CUT. TEACH MORAL TO YOUR BABUS, INCLUDING POLITICAL LEADERS. ALL POLITICAL LEADERS - not a few have to be 100% honest. So that loop holes are plunged and guilty punished within real time, not after 30 years. As during 30 years - another million traders start doing the same. Example - purchase of Gold Jewelry. It can not be purchased with out PAN Card, no cash transaction is permissible above 20,000. You can not sell any high value goods with out PROPER Invoice. These are old laws well know to every body. But still goes on why? Perhaps no action has been taken before Nov 8,2016- IS THE ANSWER. more
Dec 08
ALL INVOLVING MONEY TRANSACTIONS AS THEIR LIVELYHOOD, CAN INDULGE IN SUCH MALPRACTICES OF OVER/UNDER INVOICING AND VERY DIFFICULT FOR THE GOVT. INSPECTORS/OFFICERS TO BE HONEST AMONGST MAJORITY DISHONEST AND TO OVERCOME THIS SITUATION ATLEAST IN TOWNS AND CITIS SHOULD BE ENCOURAGED WITH INCENTIVES TO USE DIGITAL TRANSACTIONS ABOVE CERTAIN CASH LIMIT, WHICH COVERS MAJOR MONEY TRANSACTIONS AND WILL HELP TO REDUCE BLACK MONEY GENERATION. more
Dec 08
Small businesses and retail business are notorious for generating black money. Smaller shops entice away customers from asking for bill, saying you have to pay 14.5% VAT. Neither you benefit, nor I benefit! Many customers fall for this. It must be appreciated that such trader not only avoids VAT, but also income tax, as this sale without bill is not recorded anywhere. Not taking the bill may have another adverse consequence. If the customer has to complain to Consumer Disputes Forum regarding defective goods or deficient service, the shop owner will deny that the complainant was ever his customer. Even the CDF will reject such complaint not supported by proof of purchase. THEREFORE, DON'T FALL FOR TEMPTATION TO PURCHASE WITHOUT BILLS. more
Dec 08
People who are hell bent on not paying by avoiding/evading Govt. dues will find out methods to misuse every law and rule of the country. Further, their effort will be supplemented by highly educated intellectuals who master in misuse or suverting the law more
Dec 08
