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 :

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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 "

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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 )

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07  Jan  2017

www.hemenparekh.in / blogs