Hi Friends,

Even as I launch this today ( my 80th Birthday ), I realize that there is yet so much to say and do.

There is just no time to look back, no time to wonder,"Will anyone read these pages?"

With regards,
Hemen Parekh
27 June 2013

Friday, 6 January 2017

IT Notice : What will it say ?



Newspaper reports say that IT department is in the process of sending notices to some 60 lakh citizens who have deposited in their bank accounts , more than Rs 2 lakh each , since demonetization announcement on 08 Nov


Aggregate deposits are Rs 7 lakh*crore


Apparently , IT department thinks that BLACK MONEY holders have used these accounts of poor people to convert their BLACK into WHITE


What will this notice say ?

Here is my guess :

-----------------------------------------------------------------------------------------

Dear Mango Man / Woman ,

Since 08 Nov , you have deposited Rs 2 lakh in your bank account

*  From our records, we find that you have not filed any Income Tax return , in past 10
    years

*  Please show cause why a case should not be filed against you for

  " POSSESSION OF ASSETS, DISPROPORTIONATELY MORE THAN YOUR KNOWN SOURCES
    OF INCOME "

  
Yours Truly ( tormentor ) ,

XYZ Officer / ABC Circle

PS :

There is no need to hurry with your reply since we are sending this notice to 60 lakh persons like you , of which , we will select the top 10 % ( ie , 6 lakh ) for filing a case


With our present capacity to file 6,000 cases per year , your turn may come after 100 years


You are requested to stick around till then or keep your heirs informed about the following

fact :

*  In a written reply in Lok Sabha last week , Minister of State for Finance , Santosh Kumar
   Gangwar said that , as of Oct 31 , 2016 , 238 prosecution complaints have been filed and
   and properties worth Rs 18,866 cr have been attached


*  Based on the information submitted by Indian Authorities to the US as part of
   cooperation , the INSCR ( Integrated Network for Societal Conflict Research ) states ,

   " ... the government has not won any court cases involving money laundering or
    confiscations ... Money laundering investigations without a predicate offense are rarely
   successfully prosecuted in the Indian judicial system and even if they are , the resulting
   punishment is often minimal "

-----------------------------------------------------------------------------------------


In light of the forgoing, I advise the recipients to reply as follows :


Dear Tax Tormentor,


At the outset , my thankful gratitude for taking cognizance of my existence !
Here is WHY , you should NOT file any case , as suggested by you


*  My annual income for the  past 10 years , has always been less than Tax-Exemption limit


*  Every year , I have been saving Rs 20,000 from my meager income and keeping the cash
   in a cupboard . Now , any economist will confirm that a Domestic Savings Rate of 10 % is
   highly desirable ( you know , " Saving for the Rainy Day " ! )


* When our PM announced demonetization , I was left with no alternative , other than
  depositing my hard-earned savings into my bank account


*  My neighbour tells me ( - I cannot afford a CA or a Lawyer ) that there is no law against
   holding any amount of legitimate / hard earned / non-taxable CASH in house !


*  By limiting the monthly withdrawals , of my own hard earned money, from my own bank
    account , you have already made my life miserable !  Even without filing a case and
   waiting for the Hon Judge to find me guilty , you have succeeded in punishing me !


*  We , the sufferers are asking YOU to show cause , why WE should not try you in the
   Court of the Election Commission, in the  STATE ELECTIONS  about to be held in Feb /
   March, for

    " POSSESSION OF  WISDOM, DISPROPORTIONATELY LESS THAN YOUR KNOWN SOURCE
      OF POWER "


with regards,

Yours Hatefully,

Mango Man ( A Jan without Dhan )


-----------------------------------------------------------------------------------------------------
07  Jan  2017

www.hemenparekh.in / blogs
  




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