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Govt tightens screws on India Inc's underbelly
Topic Started: Feb 22 2018, 09:20 AM (3 Views)
victorgrant

Hi,

Some of the games played in the underbelly of Corporate India will end.

Over the years, many Indian promotershareholders and directors had perfected the art of siphoning money from profitable companies through amalgamations, while in the murky world of shell companies – typically used to either evade tax or launder money – crafty accountants cooked the books in a way to escape prosecution.

These men will now be forced to change tack. The crusade against black money, fund diversion and use of cash – which have become the Modi government’s political planks – continue to be waged with a raft of measures that plug some loopholes in law.

A shareholder or director ran into a tax wall when the company they controlled gave generous loans or bloated dividend from its accumulated reserves. The tax office argued that the loan was income (and thus fully taxable), while the dividend could be paid only after coughing up the dividend distribution tax.

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