What is given here is my personal view. Had it been  a news item, I would have given a weblink. More over, I had added more of my personal views in the same thread, while responding to M.G Singh.

rambabu wrote:

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.

Yes we must be wait. After Bofforce scandle Amitabh again facing blame.

 

 

 

anil wrote:

rambabu wrote:

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.

Yes we must be wait. After Bofforce scandle Amitabh again facing blame.

I agree with you. In such matters especially, when the Indian investors are very sure  that they did not do anything illegal, It's better to wait and see what the investigation, if at all, if there is an investigation.

 

 

 

 

anil 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.

Not only Bollywood actors, we India don't like to pay Income tax. What is yours views about our politicians.tn is, people who sincerely pay the bill, the tax people will harass them by calling and asking the address and whether they have paid or not. But people  who neglect the tax payment, they cannot anything of them.

Latest news says,that the Government of Panama assured India that it will investigate all the  investors ( 500 Indian citizens including Amitabh Bachchan and Aishwarya Roy ) and check whether their statements that all their investments took place in accordance of the rules of the Govt of India are correct or not. Until the investigation is completed let's wait.

@Sarala you are very right. However the honest tax payer is paying because he has no choice. Those who have, siphon the money to tax havens. 

You are right Vijay.. It has to be seen how honest are our Indian investors named in the Panama papers. Now the investigation started. Let's wait and see the Honesty factor in the listed investors.

Waiting is only alternative for the common man. What have past investigations revealed. Frankly nothing will come out this time also. You are hopeful , best of luck.

vijay wrote:

Waiting is only alternative for the common man. What have past investigations revealed. Frankly nothing will come out this time also. You are hopeful , best of luck.

So kind of you

Not only Bollywood actors, we India don't like to pay Income tax.

That is true, however, regarding the money invested in foreign countries, it depends on where the money is earned. Say for example you earned that money through fair and legal means in UK, you also pay taxes there and after that you are free to invest the money where you want provided you have the documents to prove that. Many people living abroad buy houses and when they come back rent it out and the money earned if not brought back to India is not taxable , thats what I am told by the CA..