Black Money

Indian Corporate Tax Evasion: An Analysis of the Legislative Framework

Indian Corporate Tax Evasion: An Analysis of the Legislative Framework

Aditi Anita Mane
Symbiosis Law School, Pune

“In 1790, the nation which had fought a revolution against taxation without representation discovered that some of its citizens weren’t much happier about taxation with representation.”

(Lyndon B. Johnson[1])

Rooting for taxes has never been an easy task as almost the entire population on this planet questions the concept of giving away a part of their earnings to the government. Nevertheless, one cannot deny the fact that the collection of taxes is an important source of income of the government. With the country facing a lot of problems for instance generation of black money due to corporations committing tax frauds, the author attempts to deal with the varied legislative framework adopted by the government and tax authorities to audit the undisclosed transactions to limit the menace of corporate tax evasion in a developing country like India. The research paper scrutinizes the limitations and issues allied with the steps taken by the legislative wing to curtail this issue. The author concludes the research paper by attempting to understand the shortcomings that lead corporates to take destructive measures on developing nations to indulge in tax evasion.

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[1]Lyndon B. Johnson was a politician and was elected as vice president. he served as the 36th president of the united states of America from the time period of 1963 to 1969. This was after John F. Kennedys assignation.

 

Posted by Suvid Chaturvedi in Number 2, Volume 3
Real Estate (Regulation & Development) Act, 2016- A Critical Analysis

Real Estate (Regulation & Development) Act, 2016- A Critical Analysis

Hussain Ali
National Law Institute University, Bhopal

Real estate is a highly recognized and regulated sector globally. In the past few decades, this sector has proliferated largely in India, making it the second-largest player in the world economy. Until 2016, apart from the general consumer and property laws in the country, there was no specific statute to regulate and govern this sector. Therefore, this year the Parliament passed The Real Estate (Regulation and Development) Act, 2016. This Act intends to bring transparency, safety and a regulatory mechanism in this field. It pursues to prevent ‘distortion’ and ‘structural abuse of powers’ in this sector. In this article, an attempt has been made to analyse the inception, the needs, the objectives and the provisions of this Act. Lastly, the various details that the legislature failed to address along with different loopholes in this legislation will be discussed.

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Posted by Suvid Chaturvedi in Vol. 2 Number 3, Volume 2, 0 comments