Gulshan Kumar Ajmani wrote:

usha manohar wrote:

Actually I was reading that it may not be entirely illegal to invest the money you earn abroad in whatever form you want in shell companies abroad. It becomes illegal when you diver funds earned in India, just to evade paying taxes here.

I agree. There is nothing illegal if your transactions are transparent and not intended to evade tax.  There is nothing wrong in foreign bank accounts when you often visit abroad, have business dealings abroad. You may remit money abroad and also receive from there. Many have their children and other relatives abroad. Actually concealing of income and assets for tax evasion is bad. 

Most of case will be of tax evasion. If these are not illegal than investment disclosed in their balance sheet.

 

MG Singh wrote:

I think this is just news that is given with an edge of sensationalism. Offshore companies are legal and are allowed in Dubai also. Though there are names of some 500 Indians , mark my words nothing will come out of this exercise. 

if these investments are legal why peoples didn't disclose it to tax authority of India. I am agree with you that noting will be come out but reason behind may be some other one. Pressure on government.

Bollywood actors and actress hiding their money in other countries is a known truth. I won't find any new in this. More over these people only won't pay income tax.

sarala wrote:

Bollywood actors and actress hiding their money in other countries is a known truth. I won't find any new in this. More over these people only won't pay income tax.

Not only Bollywood actors, we India don't like to pay Income tax. What is yours views about our politicians.

In Singapore I heard President Obama's speech on TV on the subject as there are more Americans than Indians.  But most of the men from India who  have parked their money in Panama have done it legally. The real black money is in Swiss banks, which Modi is unable to touch.

sarala wrote:

Bollywood actors and actress hiding their money in other countries is a known truth. I won't find any new in this. More over these people only won't pay income tax.

In India not paying taxes is a national passtime. Even small shopkeepers do not want to pay tax.

anil wrote:

MG Singh wrote:

I think this is just news that is given with an edge of sensationalism. Offshore companies are legal and are allowed in Dubai also. Though there are names of some 500 Indians , mark my words nothing will come out of this exercise. 

if these investments are legal why peoples didn't disclose it to tax authority of India. I am agree with you that noting will be come out but reason behind may be some other one. Pressure on government.

Right now,  we should see whether the Indian investors figured in  the Panama Papers followed the rules or flouted the rules pertaining to investments in foreign  countries. All the investors denied that they had done nothing illegal. They had followed all applicable rules and regulations of Govt. of India RBI, FEMA and income tax.And regarding the outcome, it's too early to say conclusively.

 

MG Singh wrote:

sarala wrote:

Bollywood actors and actress hiding their money in other countries is a known truth. I won't find any new in this. More over these people only won't pay income tax.

In India not paying taxes is a national passtime. Even small shopkeepers do not want to pay tax.

 

very true, you see almost all small time business men who earn quite well giving false accounts to evade taxes...Compare this with UK, where people are falling over themselves t pay their taxes even when they grumble how high it is !

Amitabh said that his name has been misused. Further, he said, He was never a Director of  Sea Bulk shipping Company Limited,, lady shipping limited, Treasure Shipping limited and Tramp Shipping limited named in the papers.

 He said all his taxes were paid including the money spent Overseas. and all his remittances  are in compliance of law including remittances through liberalized Remittance Scheme LRS

On a discussion forum we need more personal views on a subject not news media quotes which everyone can read and is aware of... I doubt if anyone would admit that they are in the wrong until proven guilty or innocent in rare cases !