Tuesday, January 28, 2014

Rent Concept- Aadhar Enable Integrated Rent Agreement/Police verification Concept Process


India First

Regularizing House / commercial property Rent Concept framework in India to reduced black money- 

Potential of Development-India 

Aadhar Enable Integrated Rent Agreement/Police verification Concept  Process

Inputs for Centralized software – UIDAI / Aadhar/Income tax dept./ Ministry of finance/ 
Department of revenue 

Say No to Black Money

Previous Reference

PMOPG/E/2017/0365989- Rent concept- Aadhar 
CBDT- Central Board of direct Taxes (Income Tax)
The issue raised in your grievance pertains to Policy matter. Your grievance is being forwarded to JS, TPL-I, RNO: 148-A, Ministry of Finance, Dept of Revenue, North Block, New Delhi -110001, Tel: 011-23092988, for further necessary action.

Key Points/ Observation

  • People give house and shops for rent are not showing their income to to save the income tax and whole money goes in to black money a/c. if person ask of PAN CARD they ask for extra money .
  • People are not showing their rented income to save the income tax and whole money goes in to black money a/c.
  • It is observe that if people asking for PAN card detail for rent more that 1 lack 80 thousand then normally owner demanding extra amount of 10 %
  • Dalal are increasing cost of living – Public are looking for dalal free system
  • Police verification should be ticket base system and should be user friendly, Normal public should not be harassed by any verification process.
  •  Rent  and other charges structured are not fixed like actual rent , maintenance, water charges, light charges, security guard, any colony charges, cleaning  light bill  

Revenue to Government of India

Maximum Rs1/-  charges for Aadhar enabled service from this software each transaction.

Estimated earning for Hosting government body like Department of revenue / Income tax Dept. / UIDAI.. for this service, Approximate 1000+ cr. in Year and approximate 5000 + cr. income from extra tax collected from undeclared income by House/ Shop/ commercial complex owner. 

Suggestion inputs for Centralized software – UIDAI / Aadhar/Income tax dept./ Ministry of finance/ Department of revenue

Linking rented property income to PAN + Aadhar + Form 26AS. 

Rent agreement Must contain
1. Witness
2. First party
3. Second party Aadhar biometrics e-validation

#aadhar #rent #concept

  • PAN card mention should be compulsory irrespective of rent. Even though it is 100 Rs only.
  • online government portal required for approval of police verification, rent agreement , secure portal should require login ID & password for taking approval.....this is really good idea to track income from rent. also I would like to say PAN CARD , Passport should be use for User ID in this portal
  • If Framework rules are fixed for rented property black money involvement will be reduce.
  • PAN CARD number must have to be mention by property owner to give property on rent irrespective of rent amount. Failure to this function Owner may lose their property if third party creating an issue.
  • People need to e register on government sites for Police verification, there should be attachment option online for document attachment like scan copy of rent agreement should be submitted on submitted by Property owner (Say for example Income tax site).
  • To avoid corruption in this process this process should be time bonded law ( say for example 3 working days) if verification process say fail then complete detail should be filled by inquired person with his employment detail , consecutive fail 3- 5 case in month may cause need to  investigate about inquired by person
  • Mentioning Aaddar Card Number/ voter ID/ Passport Number/ Licence on rent agreement for better tractability

  • This system will enable undeclare income by people who are earning from rented and leasing property.
  • Government Income Increase
  • Collected Income can be used for development of particular area roads / light / water /hospital/ employment /education government school development etc
  • Black money Involvement will reduced
  • Tractability  will in increase
  • Public  will get corruption free/dalal free environment. 
  • Transparency in system will increase

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