Financial Matter Lawyer on Tax Evasion

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Financial Matter Lawyer on Tax Evasion

• Financial Matters Advocate Kislay Pandey
• Contact 91 11 3044 64 89 Fax-91 11 3044 65 00
  

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• Revenue of the government depends upon different
  types of taxes, such as, income tax, sales tax,
  corporate tax, VAT, excise duty etc. Right from
  the independence India is stricken within many
  self-imposed constraints in the form of rigid
  economic policies, timely processes and
  unwelcomed bureaucratic governance which caused
  upscale corruption, delays in license and
  approvals to the industries and evasion of the
  taxes. A small section of the society pay taxes
  and they too often hide the actual income or
  production. As the country is already struggling
  with high inflation and low productivity in the
  manufacturing sector, to deal with tax evasion is
  a big issue before the BJP led NDA government.
  According to Mr. Kislay Pandey - Financial
  Matter Lawyer, the Supreme Court of India," To
  scrutinise the loopholes in the fiscal policies
  and tax collection should be the premier economic
  objectives of the new government, the economy
  cannot afford revenue losses due to the unsteady
  financial policies.

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• The newly formed government is soon to present
  annual budget (2014-15) and people are expecting
  too much from this budget. Economy doesn't work
  on whims and fancies, it reacts according to the
  market mechanism, flow and mobility of resources
  and on various other macroeconomic factors. The
  new government which already had inherited
  deficit budget has to make a perfect balance
  between the revenue and expenditure. According to
  Mr. Kislay Pandey - Financial Matter Lawyer, the
  Supreme Court of India," The government should
  focus on long run benefits rather than short-term
  reliefs. A well defined, comprehensive road map
  for the next five years is gravely needed to
  ensure prosperity in the future?

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• Both businesses and individuals hide billions of
  rupees of tax each year, just because of
  unfriendly and lengthy rules. Many small and
  medium enterprises failed to sustain because of
  bureaucratic policies and red-tapism which often
  increase the operational cost. To compensate such
  losses they allegedly manipulate their
  balance-sheets and evade taxes. According to Mr.
  Kislay Pandey - Financial Matter Lawyer, the
  Supreme Court of India," Due to financial and
  other constraints, small firms prefer to deal in
  cash and avoid paying taxes and on the other hand
  service sector organisations usually understates
  their profits, this vicious circle of tax evasion
  is piling-up revenue deficits on a constant
  basis.
• To achieve sustainable growth and inclusive
  development, the government of India must review
  and reform the tax administration system at the
  priority basis. As to sponsor development
  programmes government requires money which is
  only possible through effective tax regime.