The countdown for black money holders with only 9 days left before the deadline given to them for declaring their income gets over. After that, the Government is likely to take strict action against those who will be shown with unaccountable income. The Tax Dispute Resolution Scheme, which will run till the end of 2016, provides another opportunity to taxpayers for settling all older disputes with tax authorities and starting anew. The Government runs these voluntary schemes to give a "last chance" to those who want to be compliant in the future. But what about those who have been doing their job religiously over the years? Those who comply even now deserve a pat on their backs and their honesty and sincerity deserves recognition.

It seems the Government also shares this view, which is why it has decided to honour the honest taxpayers. Central Board of Direct Taxes (CBDT) will issue commendation certificates to them. A few will receive a physical certificate from the Finance Minister while others will receive it in a soft-copy form. For this, the taxpayers will be divided into four categories—large, regular, compliant, and diligent taxpayers.

PersonalFN is of the view that, this is an important step taken by the Government towards ending the tax terrorism. Those who receive the commendation certification would be contained with their effort of doing the national service and would feel proud of their contribution in the progress of the country. Moreover, these certificates would also help taxpayers build their goodwill in the society. Like your credit scores speak about your credit behaviour, these certificates will also speak about your value for honesty and diligence. Whether a bank will consider this as a positive, while sanctioning your loan, is something that is unknown as of now. But at a time when the banking system is facing a problem of willful defaulters, these certificates acquire some weight. Just remember, this is a wait and watch game.

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