First of all, I didn't knew that it is for only sole proprietorship account holders, I just share what I saw in that video. I had clearly mentioned in the post in bold that 'Not verified yet'.
I don't understand why your posts always revolves around illegal, illegitimate and fraud like things.
Please tell us if you are from banking background...
It doesn't take any education to have some common sense and be cautious.
Same as you or anyone else here I also wanna live the good life and enjoy benefits/perks whenever I can. Following the rules can be expensive, troublesome and complex. Sometimes nearly impossible as everyone is clueless or it's not possible to find the proper channels to get them done.
ALL these financial instruments have
legally binding terms and if you bothered to spend 10-15 minutes to read them and the regulations/act/laws surrounding them then you'd have found out that there's actually a lot of things for which you could be penalized and even arrested. You don't need to go through all but at least get an idea of it and plan your next steps.
I know it isn't easy to find that kind of information and it might not be easy to understand or see how it applies to your case and get definitive answers.
I also know how things run in this country, we all know many things get done under the table, the "easy" way and sometimes it almost looks like a completely normal and established process thanks to corruption, incompetence or cost.
But just because a lot of people does it and nothing happens it doesn't mean they're not being enforced.
I took my time and did research about the worst case scenarios or the consequences of many things that I was curious about or that I wanted to do. Many of these probably apply to most people here, I'm just another citizen here that faces the same issues that most do.
I also struggled like everyone else even to get things done the proper way related to Aadhaar, PAN/Taxation, banking and financial matters, etc. Some of these are quite nonsense, hard, complicated and borderline unrealistic.
Sometimes you need X to get Z, but to get X you need Z. Go figure!
There's LOTS of gray areas or poorly implemented processes and checks. That happens everywhere, even huge private banks fail at complying on what is supposed to be their expertise and business.
It is a really complex field, even experts in this area struggle to get the information or getting them done. It involves a lot of entities, people, acts, regulations, laws, agencies, professionals, etc.
Many of these laws, acts, whatever aren't perfect neither! There is a lot of cases and factors they didn't consider.
Anyhow I found answers and plenty of stories in the web in forums, blogs comments, Reddit, etc and even here in Technofino itself.
They're enforced and it just takes bad luck for you to be the next person involved in a bad situation.
Many of these things I found about don't make it to the news or nearly anywhere, I guess people are reserved or wanna maintain anonymity. And when they make it to the news, it's usually a scapegoat or someone that has been crucified just to be made an example of even if what they have done is nothing compared to what other people do.
These can happen to anyone, including the average person, just like you and me.
Usually anyone beside the government won't care, but once the government (IT mostly in our case) is onto it or you deal with the wrong person things can go south very quickly.
Even if you have money to pay or deal with these things, it will take away your peace, it will consume your money and time.
Even having the right contacts around to help you out or make these issues go away it will still be an expensive, time consuming, and horrible experience.
Sadly people do not share much about such things as they're fairly personal or they just wanna have peace after the ordeal they had to go through.
I also heard the same from professionals who are involved in such cases like CA and a lawyers who had people they know involved in such cases, so they DO happen.
I hope if anyone in the forum is aware or involved in such things can share their part.
I do wanna spread awareness because several times I've caught myself in complicated situations thanks to people who have misled me or done things incorrectly, causing me a whole lot of trouble and money into repairing them and getting done again.
Some of these were beyond retarded situations, they were even caused by a tax consultancy agency, bank employees and a real estate agency. All different issues caused by different people who beared ZERO responsibility yet because it is on
MY NAME and
legally binding documents I had to get them fixed at my own peril.
Also be aware that tax authorities are catching up, I've seen a delay of data in reports in AIS/TIS of several months or even years. I have my own personal concerns regarding some things I did and them showing up or getting reported sooner or later to IT. And I've read stories of them clamping down on people even 7 years later. Now with Aadhaar/PAN being mandatory and linked to everything it is more risky then ever!
