INDIA SUMMARIZED

If a serviceman earns Rs.10.0 lacs per year, he has very limited scope to avoid tax payment. He can at best save some money in tax saving schemes and reduce tax liability by at most 20 to 30 thousand rupees. He will have to pay Income tax to the tune of rupees one to two lacs as income tax per year.They cannot avoid tax payment but they can if they like ,earn bribe up to any extent to compensate they lose in tax payment. But a manufacturing company earning profit of more than one crore per year can avoid tax payment completely by using various tools of tax avoidance suggested by tax officials, tax consultants and Chartered Accountants. In India one may find persons or firms in every town who guide businessmen how to avoid tax payment, who suggest various illegal ways for tax evasion and who works as broker for tax assessing officials and setting bribe sharing rates among tax officials , businessmen and broker himself for passing of IT assessment order from tax offices. River of blac...