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  

via_LocalCircles_Tax_Evasion_-_05_Mar_2021___20210305112523___.jpg
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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  
Firstly, agricultural income above one crore should be made taxable for any individual....

On Fri, 05 Mar 2021 12:57:16 +0530 LocalCircles Manager wrote
> more  
Ago tax for above ten Acres income to be taxed . more  
Frankly, the government commenting on operational search matters is not correct. Tax evasion is a fact and there are many reasons for it, the largest being government policy on biased taxation regulation and no level playing field. Then, people bring in political vendetta etc into all this. A tax search is not the final word till the assessments are completed. It is very common to see high-pitched figures, numbers and misleading statements by all and sundry. Most such search operations ultimately result in a damp squib or the demands could be a very small percentage of what they started with. The tax department starts with the premise that the assessee is a tax evader and will generally assume big leakages in every transaction they see. Some demands are so crazy that they will stand no test. A large demand gets the officers in charge a commendation and sometimes, a promotion. Talk to any number of retired IRS people and if they are open to confiding, you will be surprised to hear the truth. more  
Having witnessed ills in Demonetisation everyone concluded that none can do anything. But, Still Cash Restriction washes whole while Linkage of Aadhar to All Arrests Black Money Generations in ALL PAYMENTS.
I still work for this till enacted more  
Sir, if you know of illicit cash transactions, please inform the Income Tax department immediately with details. You can earn a 10% reward in the process on the amounts that the department is able to realise. This could be a big sum of money, in your own reckoning and do the country a lot of good. more  
30% 40% 55% Cash on Lakhs Worth Trn. Truly Black Money either to Seller or Purchaser. more  
Its an open secret that IT raids will take place against opposition parties and those who oppose the ruling party. Whoever comes to power will follow this rule and there is no exception to it. And top political leaders and business tycoons are generally untouched. Very rarely they get caught.

I guess tax evasion and unaccounted cash dealings are still prevailing in our country. If not, film industry, real estate, jewellery, Government contracts, Sales tax, Giant corporates, etc might have vanished long time back.

Further news about IT raids generally flare up either close to an election time or for any protest against the Government. The other issue is most of the IT raids end abruptly. I request LC to take it up with IT department to publish a full list of status of IT raids conducted so far, the fate of those IT raids (including number of cases dropped midway (due to political pressure!!), cases still open, etc).

We have enough rules but who will implement them impartially. more  
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