CBDT advertisements on benami transactions: Need for voluntary compliance
It refers to advertisements in most of newspapers by Income Tax Department (Central Board of Direct Taxes) on 29.01.2019 drawing attention of public towards illegal and punishable benami transactions. Such transactions can and must be checked through voluntary compliance by members of public through strict measures replacing cash-deals to banking-transactions, which may overflow public-exchequers. Study should be done on fiscal system of such countries which are pioneer in having cashless economy with Canada leading the list with score of 6.48 out of 10. Even China is far ahead of India at 6th place with score of 5.17.
Since property-deals practically have larger share of unaccounted money than that disclosed on papers, tax-laws should be simplified by providing a permanent voluntary-de...