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Taxes and Benami Companies

Created by : Vikas Kumar, Sr. Associate,bulls Research  | 02 20 2009 18:02:50 +0000
Industry : Equity Research/AnalyticsFunctional Area : India(Markets)
Keywords : taxes benami companies
Activity:  283 views;  last activity : 03 17 2011 11:12:27 +0000

Is there any check on taxes collected by benami companies?

  
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Yes, there is a check on these Banami comapnies. If one reads the various cases of the comapny law, there have been many companies against which procedings have taken place.

What is believe that we have the law , what to do with these comapnies, but there is no system on how to do that. Also so many companies register everyday, its tough to keep a check.
By Japan Shah, Assistant Professor, Oxford School of Management  05 08 2009 05:54:24 +0000
 
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time,document,misleading,company policy,internalaudit,are the main constraints.after introduction of sap system the centralised audit at the end before audit of unit audit,dropping of comments are the key points to notice.the responsilbility of accounts will be cornered escaping the engineers,administrators who are root of lowering the standards.unsettled tax matters,admn court cases which are not having the time bound settlements,no fear of law ,rbi,sebi, cag's role to be interveend in certain affairs asking some information regarding their matters.shares flactuations,loans,borrowings,dead stocks,are affecting the system.the volume,in relation to remunaration,time constraint are grave concern.transfere of funds,its utilisation,accounting as per comp act,are to be looked into.s.pardhasaradhi,retd manager finance,accounts,ntpc ltd.17.3.11
By sreeramakavacham pardhasaradhi, maager a/cs, NTPC  | 03 17 2011 11:12:26 +0000
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Ok you are saying just one scam let me drag your though towards the ITC hotles where companies are paying taxes for the land and afteer an year it is said that the land is not for commercial use, it belongs to some minister who is planning for some hospital and stuff like that.
By Deepak Somani, Associate, HDFC Bank  | 02 20 2009 18:06:54 +0000
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I do not think there is any kind of rules for such a scene otherwise the great Satyam partners would not be having many companies under their ownership.
By Vikas Kumar, Sr. Associate,bulls Research  | 02 20 2009 18:02:50 +0000
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We have good & hard legal system to stop any kind of fraud. But the illegal way of operating is such that we cannot do anything. Money has become more ppowerful than the laws, so any type of misrepresentation can be dealt with.
By sanjay dey, Tax & accounting , Consultatnt  | 08 27 2010 07:04:25 +0000
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Just one scam cannot decide whether there has been a proper check on benami land or not.


By Jyoti Rath, Sr. Associate, Barclays  | 02 20 2009 18:05:10 +0000
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