Nov 29, 2016 2 min read

Demonetization - A Big Hit to Tax Payers

Know about the next step that every taxpayer needs to take after demonetisation to manage money and earn a surplus.

The implications of Demonetisation on the common man in India has become a matter of concern these days. The government of India provided the citizens with an opportunity to disclose their black money and convert the same into white by paying 30 percent tax. Although many Indians took the initiative and saved their money by paying the sum of taxes to the taxman, but those who took this opportunity in vague are now looking for options to save their monies. Honourable Prime Minister - Mr Narendra Modi has made it difficult for the tax evaders to hide their cash. So let’s know what a common man needs to do further.

After the currency ban of Rs.500 and Rs.1000 notes, the Indian citizens especially those who were having a large amount of unaccounted cash, are suffering from great depression and wondering to safeguard their money in one or the other way. The government has set certain penal provisions now according to which the black money holders on depositing their unaccounted cash would be liable to pay taxes as well as a penalty which is in between 50 to 200 percent of the payable tax.

There are no options left for the evaders to escape their cash as they will have to disclose them in order to get an exchange of new currency and would have to pay heavy taxes and penalties. Accordingly, it is really a tough time to deal with, but the future of India is expected to amplify to a great height.

The present time is causing a great deal of uncertainty which has to be managed accordingly. The lack of cash in hand has made it difficult to deal with the day to day transaction and ultimately the short-term financing needs are affected. Although it is a good move by the government, the short-term effects are tough to overcome. Furthermore, nobody knows what would be the next move of the GOI and thus one needs to be ready for the future happenings.

Investments have always been a resort to meet the financial crisis, and hence we recommend you to move towards the same. Taxpayers are hit extremely by the government, and it is expected that the same would be on target in the coming future as well. Thus, by investing your money in tax-saving plans, you must take a smart move now. We provide the best solution for managing your taxes and increasing your future income with the help of ELSS(Equity Linked Saving Scheme). This mutual fund programme offers not only tax savings up to RS.1.5 lac per year but also provide for capital appreciation by investing the funds in equity stocks. You must invest your money to secure your future against uncertainty and irrespective of inflation hikes.

We are associated with the top-performing AMCs which offer great ELSS scheme to invest in order to earn the dual benefits of tax saving and capital growth. Instead of evading the taxes, now is the time to plan them. You must take our services as MySIPonline is devotedly indulged in providing the best online investment solutions to cater to the needs of divergent investors across the country.