Government should further simplify tax laws by providing a permanent voluntary declaration scheme to declare as much income as possible from ‘undisclosed sources’ on payment of maximum tax slab of 30 percent. This will catch hold of those purchasing property from unaccounted cash when tax authorities persons will find ‘income from undisclosed sources’ in tax returns of those selling the property. A realistic tax regime with stop printing of higher denomination currency of rupees 500 and 1000 can be effective in checking black money regime.
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