Tax ComplianceFor the last Friday of July, some thoughts….

Last 48 hours to file Income Tax Returns and I am happy with the renewed efforts to unearth Black Money.

All those with 50 lakhs plus income, beware….the new ITR form requires you to make lots of declarations. Before July 31, you must provide the complete list of all assets including land, houses, cash, gold, jewellery, vehicles owned etc etc. Also you should be able to describe the liabilities in relation to these assets.

Those so called ‘smarties’ who split their cash and fixed deposits in different banks and cities without giving PAN numbers, GR8!!! ….. You will be in trouble and rightfully so. 10 lakhs used to be split and put into FDs …. Some cunning Bank Managers also encouraged gullible people to do it …. now pay for it.

IT Dept is issuing 7 lakh notices to all such tax evaders, to bring them into the net.

Imagine …. as per IT returns there are only 10,350 people in the whole of Karnataka and Goa with more than Rs One Crore income !!!!!! how ridiculous.

Another big sector to be drilled is the ‘so-called’ Agricultural Income. More than a million Indians are showing Agricultural Income and not paying any Income Tax….. Why???

Salaried classes like me have been paying the highest tax rate for the last three decades…… It’s OK.

I am happy. By regularly paying my taxes and filing my returns, I have contributed in my own small way to Nation Building…. The SEEGOS way.