Fake Income and targeting Seniors

[Markendeya Yeddanapudi]

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Mar   Fake Income and targeting the seniors

 

It is reported that senior citizens who may not be filing Income Tax Returns, though they are getting the Fake Income called the interest on Fixed Deposits and  interest on Savings Bank accounts, if the fake income exceeds Rs Twelve Lakhs  per annum,will be taxed from the base of Rs Seven Lakhs and can be targeted, for tax evasion. These hapless people are to be targeted in their old age when they cannot afford to lose their life support---the fake income on their hard earned life savings for the crime of not entering the black economy and enjoying the tax free usurious interest. This interest which is always lower than the rate of inflation, making it often the minus income, shall be added to the taxable income to bloat the taxable income and if possible put the victim in the higher tax bracket so that his pension etc are over taxed. Of course that the inflation reduces the real value of the Principal amount is knowingly ignored. The so called income, interest on bank deposits is corroded by the inflation, in addition to the corrosion of the Principal. In very simple explanation, if the interest is ten percent and inflation is ten percent then the real income is nil. But the Principal amount loses another ten percent, creating a negative income of ten percent. But ignoring this, the so called interest income is added to the taxable income, bloating the total of the taxable income. This results in the over taxation of other incomes like pensions etc as the assessee, is put in higher income slab.

Thanks to the population explosion, our population is expected to reach 250 crores, very fertile population by the year 2050, the price of land can only sky rocket. A piece of land costing say Rs one lakh, may in just one or two years double and within four years can increase to Rs Ten lakhs or more. But Fixed Deposits which are tied to an unchanging numerical figure get their real value wiped out as their real value falls along with the fall in the value of money relationally. There is an inverse relationship between bank deposits and real estate prices, the increase in the price of land the decrease in the value of the fixed deposit.

So what is going to happen because of this very short sighted harassment?

To conceal or to escape from the unjust income tax, on non income, people will buy up lands or gold.

As the seniors can easily be victimized many will fall into the traps of the Real Estate Cheats who with the money collected from these gullible people will convert rivers, lakes, forests etc as places for illegal constructions. Trees and animals, birds and insects lose their habitats. One has to breathe poisonous fumes and eat foods that can cause genetic problems in the new borns.In fact this tax on fake income is a terrible assault on the future generations, many may be born with no hands or with more than two hands etc, as the net effect will be a murderous assault on nature.Today, nature is destroyed all the 24 hours of every day fuelled by black money.Forests,Rivers and lakes are converted into apartment complexes, the forests into furnitures.

After all when the biosphere is destroyed we too will lose limbs, mainly the new borns.

Honesty is losing habitat totally, leaving only the black economy.

The black money holocaust is  just like the oxygen holocaust of 2000 million years ago when the then life forms the anaerobes, the non oxygen breathing organisms were exterminated by the new poison oxygen to them and which are actually hiding in us now. Well, this tax on fake income is part of the Anaerobe Seva, for which oxygen in the atmosphere will be depleted. So welcome to the new emerging lords of Earth—the Anaerobes, who certainly will be thanking the tax on fake income.

A biosphere –less and oxygen-less paradise is prepared for them. The new non-oxygen photosynthesis is being developed now for them---the carbon dioxide based spiritualism for anaerobes, for which they have been waiting for more than 2000 million years, may be doing the carbon dioxide Pranayama.

From Jobless growth, to employee-less factories, to pilotless drone war planes, to soldier-less wars, to teacher-less digital class rooms, to feelingless mechanized understanding, the spouse-less family... the cause of the anaerobes is taken up with very earnest lunacy. The assault on bank deposits by including the fake income, interest on bank deposits, into the taxable income, is hastening the environmental doom.

So in line is the income-less income tax---the income tax on Fake Income-the tax for the anaerobes.

YM Sarma

 

 

[Rajaram Krishnamurthy]

"Fake income" refers to the fraudulent practice of inventing or inflating earnings on tax returns, loan applications, or financial documents to illicitly obtain tax credits (like the Earned Income Tax Credit), secure loans, or qualify for credit cards. This illegal activity, often involving falsified pay stubs or documents, can lead to severe penalties, including large repayments, interest, and criminal prosecution.

Tax Fraud: Inflating or inventing income on tax returns to maximize refunds.

Loan/Credit Fraud: Stating higher income to lenders to qualify for credit beyond one's means.

Common Indicators: Documents with errors, unrealistic figures, or missing details.

Risks: IRS penalties, legal action, and potential identity theft issues.

Unexplained Income

This refers to income not disclosed in tax returns or not recorded in account books, which the taxpayer cannot satisfactorily explain.

Common Scams Involving Fake Income

Refund Scam: Fraudsters send messages claiming a tax refund is approved, urging users to click links or download apps to steal personal information.

Fake Officer Call: Scammers impersonate tax officials, claiming fake income or tax dues to intimidate victims into paying.

HRA Fraud: Submitting fake rent receipts to claim deductions, which is being targeted by AI-driven tax scrutiny.

Preventive Measures

Verify Information: Always verify the source of communication claiming to be from the tax department.

Use Legitimate Professionals: Ensure tax preparers are qualified and reputable.

Be Careful with Personal Data: Do not share bank credentials or personal information on suspicious websites or apps.

2       IT IS STATED BY THE AUTHOR THAT WHAT WAS TAXED ONCE IS BEING TAXED AGAIN; AND INFLATED INCOME IS FAKE INCOME; IF SO EVERY AMOUNT WITH EVERY IND OR FAMILY IS ONLY A FAKE INCOME. IF INCOME TAXED ONCE IS REMAINING IDLE AS IT IS ONLY NO ONE WILL TAX IT AGAIN; BUT WHEN YOU USE IT AS INVESTMENT THE OUTCOME IS A NEWLY EARNED SO HOW IT WILL BE FAKE? YOUR SON IS YOUR GEN; GRANDSON IS NOT?  K RAJARAM IRS 25226

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[Suryanarayana Ambadipudi]

The fake income posts Bu Sri YM are a decade old ones . 

I differed with him on this and countered either my point of view. 

When educated , well placed persons with pensions , interests and other sources of income exceeding more than 20 lakhs starts grumbling by comparing with others like politicians and business people who can manage and lessen tax burden by avoiding and evading , may not be fair on our part . 

Let us be responsible citizens . 

Majority of members here and in other groups may not cherish my opinion.

     

A.SURYANARAYANA

The less you speak,the more you are listened to

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[Suryanarayana Ambadipudi]

Mang typos noticed as I have yet to learn and practice typing on my new phone

     

A.SURYANARAYANA

The less you speak,the more you are listened to

[Markendeya Yeddanapudi]

Sotty Sir,

You are diverting from the topic.My point is fake income only based on bank deposits,not diverse tax evasions and frauds which actually obfuscates the real issue.

YMS

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Mar

[Markendeya Yeddanapudi]

DEar ASN,

Why not touch the points.Please don't change to the fat incomes of certain members to justify the inclusion of the fake or actually loss as income into the taxable income.Fake income is a fact,a fraud.

YMS

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Mar

[Yeddanapudi Markandeyulu]

Instead of typing Sorry Sir,I typed Sotty Sir.

YMS

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[Rajaram Krishnamurthy]

There is no fake income as described KR