Now, keeping cash more than Rs 50,000 with you may draw the attention of the Income Tax Department. In the new forms for income tax returns, the government may ask non-salaried individuals to declare in-hand cash of more than Rs 50,000.........
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There seems to be a general impression that possession of ‘unaccounted’ wealth is just a tax-related issue. High time, government, policy makers and analysts viewed this from a social security angle affecting the life and security of all citizens including the rich, the middle class and the poor in different ways. Inclusion of more columns may help to trap some innocent individuals or even corporates who believe in transparency in transactions and collecting ‘some’ extra tax from them. If the effort has to yield results, first, the present holdings of movable assets including gold, jewellery and other high-value assets held by individuals, families, institutions including ‘charitable’ and religious organisations will have to be ‘registered’ with some authority in a transparent manner and a procedure to report periodically further accumulation to such stocks put in place.
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