.........It is, therefore, required first to change the basis of filing returns from “total income” to “gross total income” and, then, to mandate that everyone with “gross total income” of Rs 1 lakh or more must file the return. It may prove to be the most effective initiative to drive away the “parallel economy”. It will not only widen the tax base at the lower level but also at higher levels of income. Unrecorded transactions of existing taxpayers would get disclosed as recipients of such unrecorded money start filing returns.............
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