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The Comptroller and Auditor General (CAG), the supreme audit institution of India, has unearthed many innovative tax-evasion tactics prevailing in the Indian film industry, (not just Bollywood), and has advised the tax-collecting authorities to have a re-look at many such transactions and realise the evaded income tax.

Though the CAG has specifically mentioned only a handful of such cases where Bollywood celebrities and leading production houses have evaded income tax, if the Income Tax Department were to go full steam ahead in plugging the loopholes as suggested by the CAG, the national exchequer could swell by hundreds of crores of rupees.

Celebrity actors like Ranbir Kapoor of Bollywood, top hero of Telugu films Nandamuri Taraka Rama Rao and super-hit films like Dabangg 2 and Chennai Express have come under the scanner of the CAG report number 31 of 2017 (Performance Audit) on the entertainment sector which was tabled in the Lok Sabha on July 4. This list promises to include scores of celebrities of the Indian film industry encompassing the entire regional cinema, not just Bollywood, in coming weeks and months if the taxmen were to get their act together and follow the CAG’s suggested roadmap.

The entire report can be accessed here.

How the Film Industry Uses ‘Films Shot Abroad’ as an Excuse

A highly innovative way of evading tax by leading film actors and production houses, which the CAG report has blown the lid off, pertains to a little known rule under which filmmakers or actors claim benefit of tax exemption with regard to films shot abroad. We know that the cash-rich Indian film industry, particularly leading production houses of Bollywood, have of late shown an increasing tendency of shooting their big-budget films in multiple foreign locations.

Source : https://in.news.yahoo.com/tax-evasion-ranbir-kapoor-via-022913394.html

Source Link: https://in.news.yahoo.com/tax-evasion-ranbir-kapoor-via-022913394.html
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