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It’s the duty of every totalitarian government to restrict or prohibit free speech. It is also the duty to discredit opposition any time they can and silence the opposition by snuffing out opposition views on every medium possible. Only the ‘states’ position can be heard. There should also be a version of the East German Stasi eager to report non compliance in any form it can take. The democrats are racing rapidly to that.

Cash is still king because monarchies aren’t toppled in a single day.Most of these sensationalist headlines again try to blindside the readers by presenting only a part of the picture, commonly known as “lying by omission”.Let’s compare the latest data reports from RBI (Jun 2018) with the report from just before demonetisation (Sep 2016).Credit# of cards: 3.9 crore vs 2.7 crore (up 44%)No. of PoS transactions: 13.6 crore vs 7.8 crore (up 74%)Value: 46,273 crore vs 24,198 crore (up 91%)Debit# of cards: 94.4 crore vs 72.8 crore (up 30%)No. of PoS transactions: 28.3 crore vs 12.5 crore (up 126%)Value: 47,923 crore vs 15,932 crore (up 201%)No. of ATM transactions: 75.2 crore vs 74.2 crore (up 1%)Value: 2.67 lakh crore vs 2.22 lakh crore (up 21%)But how did the Indian media cover it?In India, cash is still king! ATM withdrawals up 22%, higher than pre-demonetisation eraA Year After Demonetisation, Cash Still Rules Everything Around Us. RBI Figures Say SoAfter demonetization, people have been withdrawing larger amounts from ATMsYup. They only focused on the ATM cash withdrawal part and presented data in comparison to last year claiming that there was no effect of demonetization as people are still heavily reliant on cash.There was no mention of how direct PoS debit transactions have increased threefold (from 6.7% of total debit card use to 15.2%). Or how usage of credit cards has increased dramatically.This is because of assimilation of a far greater proportion of people into the formal economy. (Number of adult Indians with bank accounts rises to 80%). From 53% of people in 2014 to over 80%. A large number of people now have access to the formal banking sector.That means they no longer have to be paid their wages and benefits in cash, store it as such at home, and spend it in physical form too. The success of PMJDY was been validated through independent studies, one of the first ones can be found here.We report three main findings. First, we find that while about 30% of PMJDY accounts remain unused, 70% of the accounts migrate out of dormancy into active use. Second, activity levels in PMJDY accounts increase over time, a pattern not necessarily seen in non-PMJDY accounts. In many specifications, activity increases in PMJDY accounts relative to non-PMJDY accounts. These findings are especially stark given that non-PMJDY account holders in our sample appear to be much poorer and have transaction sizes that are one order of magnitude smaller. Finally, we find that the active accounts experience significant increases in cash balances. Government direct benefits transfer aids but does not fully explain usage. Overall, the data indicate that the unbanked learn by doing, and increase usage of accounts for transactions, liquidity management, and increasingly, balance accumulation.Demonetisation has nudged India towards a more formal, tax compliant, and cashless economy.I would leave you with this report from Deloitte. Digital payments in India are on the rise. Mobile wallet usage tripled in just one year in 2017. Overall hard cash exchange has gone down at the cost of direct use of debit and credit cards at PoS, usage of mobile wallets, etc.Between November 2016 and March 2017, the share of PPIs in all digital payments has more than doubled to reach 22%.The exercise also helped unearth 224,000 'shell' companies, which are the most common money laundering vehicles. It also resulted in cracking down on Hawala transactions.The government has received bank details of 60,000 out of 2.24 lakh companies which were deregistered recently due to non-compliance and non-filing of returns, said a ministry of corporate affairs official.According to the corporate affairs ministry, the Serious Fraud Investigation Office (SFIO) is investigating 18 companies found to have deposited above Rs 100 crore and 39 companies found have deposited more than Rs 25 crore (but not more than Rs 100 crore). One of these companies deposited Rs 3,700 crore and another deposited Rs 2,300 crore.The government has cancelled registration of 2.24 lakh non-compliant companies and disqualified over 3 lakh directors under different provisions of the Companies Act, 2013.The latest word is that most of them would be removed from the national registry, rendering them illegal.

Hi, Income Tax Department has set up Centralized Processing Cell-Compliance Management (CPC-CM) which is in line with CPC Bangalore and CPC-TDS which enables the IT-Department to use data to check cases of non-compliance and non-filers of taxes.In your case since TDS is already deducted, deposited and reported by bank in their TDS return , you should show your interest income while filing your tax return and pay the tax dues accordingly. Because when the TDS amount claimed or self assessment tax/advance tax details entered in return do not match with your Form-26AS then you will receive an intimation u/s 143(1) with a tax credit mismatch and will require to rectify your return u/s 154.