Shell Companies and Businesses- The How
All regulators in our country can be hoodwinked and purchased easily actually the chartered accountant community is having primary responsibility for preventing such type of illegality but either they are very busy or they are hand in glove. My suggestions are as under :
1. The government should not allow one family to form more than certain fix number of companies , OR become director in more than number of companies prescribed in law.
2. Each Government employee must mandatorily furnish details of movable immovable assets owned by him /her spouse children , own mother father brother sister and for spouse also. This must be furnished every year and increase decrease to be justified with documentary proof other wise action to be taken which should be confiscation with 1.5 times penalty.
3. In case the above return is not found matching with actual during any raid excess unaccounted money to be confiscated.
4. The above principle should be made applicable for all chartered accountants also and without such declarations their licence not to be renewed.
5. For purchase sale of Gold OR precious stones above Rs 10000 the PAN CARD and OR ADHAAR CARD must be collected and mentioned in each invoice.
6. GST to be levied only on selected items of mass consumption and not on all items as supervision becomes difficult and evasion goes up any shortfall to be made up by Taxing Petrol and diesel which we have to import in huge quantities.
7. Farm income to be Taxed for rich farmers , basic exemption limit for farming community to be fixed at Rs10 Lac and above that Tax should be as per normal slabs. more
1. The government should not allow one family to form more than certain fix number of companies , OR become director in more than number of companies prescribed in law.
2. Each Government employee must mandatorily furnish details of movable immovable assets owned by him /her spouse children , own mother father brother sister and for spouse also. This must be furnished every year and increase decrease to be justified with documentary proof other wise action to be taken which should be confiscation with 1.5 times penalty.
3. In case the above return is not found matching with actual during any raid excess unaccounted money to be confiscated.
4. The above principle should be made applicable for all chartered accountants also and without such declarations their licence not to be renewed.
5. For purchase sale of Gold OR precious stones above Rs 10000 the PAN CARD and OR ADHAAR CARD must be collected and mentioned in each invoice.
6. GST to be levied only on selected items of mass consumption and not on all items as supervision becomes difficult and evasion goes up any shortfall to be made up by Taxing Petrol and diesel which we have to import in huge quantities.
7. Farm income to be Taxed for rich farmers , basic exemption limit for farming community to be fixed at Rs10 Lac and above that Tax should be as per normal slabs. more
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i know a person in bombay who has more than 500 shell companies . he shouldbe prosecuted . if somebody can help , I can share complete details more
Aug 24
A Govt. servant can only tell about property of his dependents. The brothers and sisters who are not dependent on him may not even disclose their property details to him. Moral Education is forgotten in our country, we must give it priority. We are not teaching high moral values to our children, that is main root cause of problems. People take advantage of loop holes in law, because justice is delayed. If justice is not delayed majority of politicians will be behind bars, therefore they do not change the system of law. People should demand for change in this system to make justice in reasonable time. Example: The jewellery worth 5500 Cr seized in Neerav Modi case will be kept in secure custudy (which costs a lot, including 8 hourly guards) for about 20-25 years till the case is finalized. In his time the jewellery will loose its real cost. If it is auctioned today the money will be more than 300-400% in 20-25 years. Govt. is looser. The system of law is needed to be changed. We should make demand for the same. more
Feb 26
Shell companies are created to avoid tax, convert black into white & vice versa and for money laundering. The workers are made directors. Various Govt. schemes like BIFR, OTS, SDR, 5/25 had encouraged the borrowers to siphon off tax payers money systematically during the last 45 years. It is a team work of bania-babu-neta. Every body get its share of booty. Even the Courts/Tribunals had helped them by selling stay orders and un-limited adjournments. Due to corruption, the whole system of governance had rotten and need major over-haul by amending the existing out dated laws. more
Feb 24
I agree with Mr Bhave partially. The chief bane of our country is our judiciary. Politicians, chartered accountants, businessmen and Govt officials indulge in corruption because they know that they can escape because of our judicial system.A case takes years and years and by the time the final verdict comes the accused would have died. more
Feb 24
