business/individual income tax corruption
i wish to bring out a nexus between the individual/builders/accountants/income tax officials in the matter of capital gains tax evasion.as far as i know this is happening in chennai;whether the same system is in vogue in other parts of the country,i am not aware.the modus operandi is the following.the individual and his accountant discuss with the builder and enter into an arrangement which they never intend to fulfill.so an agreement is entered into for purchase of new property following the sale of property by the individual.in actuality the builder either has sold the property to someone else or sells it in the future to another individual.this false agreement is shown to the income tax official by the accountant of the individual to claim capital gains tax exemption.the builder,accountant and the income tax official take a share of the tax exemption.in the process the builder also converts some of his black money into legal money. more
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How the Income Tax Department allows the exemption without verifying the title deed of the newly purchased property is surprising. More over, how much saving is made by the assesee from such savings after distributing its lion share to all the concerned, for which he takes such risks. In fact all the time we accuse the bribe takers but what I feel is the bribe givers are the real culprits of promoting corruptions. more
Jun 17
corruption at individual level can be checked only by IT for which Modi govt is working very hard and has been reduced at many places. Corruption in India is deep rooted and has been developed in 70 years , it can not be abolished in few years. what ever regulation govt brings, some new modus operandi is found by corrupt person. more
Jun 13
Corruption in Income Tax Offices, all over India, exist. There is not a single step taken by Modi Govt to improve the situation. Only slogan raising by Modi Govt exists. Mera Bharat Mahan more
Jun 13
Yes these kind of corruption happens at all places with minor variation but definitely with the connivance between the three, builder, registrar, tax officials. It is definitely not as per any rule, it is just by being blind to the nexus. For an individual they see all the papers and read line by line. But if comes through agents or through PROPER CHANNEL then there is no problem. more
Jun 13
