Provision Of Penalty / Tax From Our Debtors For Blocking Fund & Using It As Interest Free.
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Since long traders / Industrialist etc are blocking their funds as bad debts etc, by our debtors.
As per income tax point of view if this money was in rotation than the government do get lots of revenue like GST, Income tax, taxes on investment etc and it multiplies with every transaction done.
The most important part of this is that the person / company who has blocked the money is not paying any interest or taxes and using this fund as interest free for years and years.
Hence income tax should bring up a notification in which, that person is liable to pay some interest / penalty as a part of taxes to government for using this fund as interest free.
The government should open a link, where a person can update his bad debts etc to concern department and the department can take immediate action for the tax recovery.
This process may also put indirect pressure on defaulters to settle the disputes etc in some cases to avoid above tax penalty.
Government will receive a huge revenue from all kind of bad debts / litigation, which are pending since past many years.
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