India loses over $314 billion annually to tax evasion, including $314 billion from uncollected income taxes and $800 billion from corporate tax incentives. Tax evasion occurs through weak enforcement systems, corruption, complex laws, and methods like overstating expenses and underreporting income. While some large companies and trusts have been caught evading taxes, overall tax evasion remains a major problem as only about 36 million of India's 1.3 billion people pay income taxes. Efforts to curb evasion through new laws and whistleblower rewards have had limited success.
ethical issues in tax evasion. In business, theres always a situation where one has to choose one of the 2 things:
1) ethics 2) profits
one has to decide whether profits are more important than ethics
ethical issues in tax evasion. In business, theres always a situation where one has to choose one of the 2 things:
1) ethics 2) profits
one has to decide whether profits are more important than ethics
This PPT is mainly on the basics of International Taxation which is confusing for many students and many professionals too nowadays. During this evolving world of multinational culture, International Taxation has gained significant importance of which all the professionals should be aware of.
I have tried to compile the concepts of international taxation in this PPT except the concept of Transfer Pricing which in itself is like a whole book.
I have inserted the core concepts which lead to the emergence of International Taxation in India.
taxes are income of government. india is a developing country, therefore taxes is important source of income to indian government. the majority of taxes which are mostly collected by the government is included in this presentation.
This PPT is mainly on the basics of International Taxation which is confusing for many students and many professionals too nowadays. During this evolving world of multinational culture, International Taxation has gained significant importance of which all the professionals should be aware of.
I have tried to compile the concepts of international taxation in this PPT except the concept of Transfer Pricing which in itself is like a whole book.
I have inserted the core concepts which lead to the emergence of International Taxation in India.
taxes are income of government. india is a developing country, therefore taxes is important source of income to indian government. the majority of taxes which are mostly collected by the government is included in this presentation.
Tax Foundation University 2017, Part 1: Why Tax Reform? Why Now? Why Not Just...Tax Foundation
This presentation reviews key considerations in tax reform – balancing revenues, growth, and tax equity.
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Income Tax in India, Income taxes are a source of revenue for governments. They are used to fund public services, pay government obligations, and provide goods for citizens.
The first Income-tax Act in India was introduced in 1860 on account of financial stress owing to the mutiny of 1857 and was to be in force for a period of 5 years.
The Income Tax Act 1961 has been brought into force on 1 April 1962. It applies to the whole of India (including Jammu and Kashmir).
An Income Tax in India is a direct tax that a government imposes on the annual income and profits earned by individuals and entities. It is calculated on the net taxable income of a person or entity for the applicable financial/fiscal year, which starts from the 1st of April of a year and ends on the 31st of March of the next calendar year.
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[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
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1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
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1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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2. Corporate level
• Tax evasion can occur in connection with income taxes, employment
taxes, sales and excise taxes, state, and local taxes.
• Providing false information to the I-T department about business
income or expenses.
• Deliberately underpaying taxes owed
India loses 14 trillion rupees ($314 billion) from
tax evasion annually and 800 billion rupees a year
because of corporate tax incentives ( eg. Tax
holiday)
3. Reasons & Methods
• Weak Surveillance System
• Rampant corruption in Tax Department
• Complicated tax law and filing mechanism
Overbilling of purchase of raw material
Dummy salary entries created
False petty expense entries ( person expenses as business expenses)
Lobbying to government
Bribery of tax officials
4. • Baba Ramdev's trusts asked to pay 58 crores in taxes (1100 Crore
business empire)
• India detects ‘visa fraud and tax evasion’ in US Embassy school
• Vodafone
• Shell India
• Nokia
• HP
• Cadbury
Not in lakh, but in more than 1000 crores
5. Are We Responsible For It?
• YOUR PURCHASE
• VAT = WE DO NOT ASK FOR A BILL
• INCOME TAX
are you truly faithful in paying income tax?
6. In USA, tax evasion is a crime
shall be fined not more than $100,000 ($500,000 in the case of a
corporation), or imprisoned not more than 5 years, or both
In INDIA,
up to 3 times the amount of income concealed.
Tax evasion VS Tax Avoidance
7. • In India
Only 2 to 3 percent of Indians pay any income tax. (around 36
million people)
U.S., about 45 percent of the population pays taxes
8.
9. GAAR
•
General Anti-Avoidance Rules, under the Finance Act
2012, to be added to the Indian Income Tax Act
• Motive to CURB TAX EVASION
• Applicable of GAAR to the financial year beginning April 1, 2015
Reward for reporting tax evasion
: 20% of the penalty realized.
they need x units of raw material to manufacture y units of finished product, they actually purchase x units only but arrange for false invoices amounting to x+p units of raw material. By doing this they benefit in the following ways:Increment in purchase value results in decline in profits thereby reducing their income tax amount payable.small amounts spent on small itemssmall sums of money spent on such items as postage, taxi fares, or copying charges