Income Tax Evasion: Inputs Sought

Yesterday, the Ministry of Finance announced that the income tax officials carried out a search operation at a leading film production house with location in Mumbai, Pune, Delhi and Hyderabad and the company officials failed to explain a discrepancy of 300 crores where the actual box office collections differ from what has been reported.

With this post we would like to seek your very specific inputs based on experiences and observations as to how income tax evasion is currently taking place by individuals and businesses in India and what should be done.

Once we have enough inputs, we will compile the same and escalate to CBDT for their action. We all know that if evaders are caught the tax increases and burden would be lower on the honest tax paying citizens of the nation.

We look forward to your inputs! more  

View all 279 comments Below 279 comments
The middle class or even the upper class working professionals do not have that kind of money in cash. Its mostly the government officials, politicians and business class who can generate cash income to do this. Since they would not want to incriminate themselves, they will simply postpone the issue until its forgotten and therefore, this problem will never go away. Black money keeps changing forms, and now its assets rather than hard cash that changes hands. Examples are shares in unlisted companies and donations to trusts that usually are not public. more  
,, 25-30% Black Money Generated has been spent on Luxuries of Family since there is no Check ,, About 30% of Black Money Generated is invested in Movable and immovable Properties since there is no Value Check/ Confirmation ,, Black Money Generated is safe in the form of Wealth since there is no Wealth Tax ,, All the Black Money is Generated with (1) Cash Transactions (2) Undervaluing Assets Purchased (3) Using Binamy Names for Registration (4) Managing Properties with unregistered GPAs ( General Power of Attorneys ) And irrevocable Agreement of Sale with Possession though unregistered ,, Holding plenty Cash since Cash Transactions are not Limited to Rs.2,000/- for use in unaccounted EXPENDITURE / UNDERVALUATED PROPERTIES. more  
how do we know what has been found unless the search/ raid operation is recorded on a video camera and the entire video is released to the public. more  
All vigilant departments of the government, be it the municipalities, the police, the ED, etc. are lax about people committing frauds and scams and hence this issue is being swept under the carpet. For instance, the ED should check all transactions pertaining to property deals. You will find that more than 60% have some skeletons in their cupboards. Let the ED from each major city zero in on all property deals from 2019 as that was the period when prices were high. You will see how much tax has not been paid. more  
2018 to 2021 huge Black Money was turned out. more  
Why Input from the General Public is required? All scholars selected through arduous selection process of Union Public Service Commission and decades of EXPERIENCE have proved themselves to be ill-resourced? Further, I believe there was another organ called 'REVENUE INTELLIGENCE'. Is this subject beyond their comprehension also? more  
Post a Comment

Related Posts

    • VIP Culture of Nitin Gadkari Road Mantri

      In indore. If this is the number of cars that must travel with these ministers I demand a govt without such ministers. This is peak VIP culture. LocalCircles please escalate this t...

      By Ankita Jain
    • Way Forward on Cryptocurrencies

      I see a poll has been put on cryptocurrencies so I am sharing this information. Indian investors are flocking to cryptocurrencies like never before and the trend could be a dangerous on...

      By Shikha Mantri
    • Bringing Petrol and Diesel under GST - Act Now

      Thanks to all members who have been participating in the surveys over the last 3 years on bringing petrol and diesel under GST to give relief to common citizens. Here is the link to the latest repo...

      By LocalCircles Manager
    • Cleaning and Disinfection industry and chemicals - beware

      A lot of cleaning and disinfectant companies have profiteered during the pandemic from the fear amongst people. LocalCircles are generally ahead of the masses and is first signal to Gov...

      By Amit Mishra
    • 4th dose on the cards - do we have it right

      Israel is planning for FOURTH doses of COVID vaccines which is ridiculous If you're aiming to eliminate all breakthrough infections, you'll keep reboosting and reboosting and reboosting....

      By Nikita Goyal
    • Tax paying Citizens paying for IT glitches

      The finmin has extended the tax filing to Dec 31st. But, does this help the tax payers. NO . Instead, it penalises them. The IT portal glitches are far from being resolved. Until the issues are res...

      By Padmanabhan G
    • Minimising COVID risk in schools

      Many of you as parents and grandparents participated in the safe school reopening survey in the circle. Below is the reporrt:

      By LocalCircles Manager
    • 7 days to verity and update PAN online by SBI???

      Can India be transformed with such banks which take 7 days to verify a PAN online for a Savings account? Especially when there are linkages all over the place - aadhaar linked to pan, passport link...

      By Padmanabhan G
    • Increasing Social Interactions and risk of Covid 3rd wave

      Thanks to all members who participated in the survey on social interactions they are likely to have in the coming months. Below is the link to the survey report which has been covered by 20+ public...

      By LocalCircles Manager
    • Income Tax deadline extended

      Congrats all. With us highlighting all the issues the Govt has extended income tax deadline to Dec 31st. Thanks Vishal Khanna Amit Mishra Sudesh Rai and many other members in the circle for constan...

      By Amod Agarwal

      This Panel set up to draft Bill on Drugs, Cosmetics and Devices, under the Drug Controller General of India (DCGI). The composition of the panel will be from Health Ministry, State Drug Control Dep...

      By Jayakumar Daniel
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)