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And even if I try to do something about it, they'll go to court and win the case. So, First, you've to update the Income tax act of It's your job to write the bill, give paper to me; I present it in parliament, and if parliament approves and President signs, the bill becomes the Act and I take all the credit. IT Commissioner calls up other senior and experienced officers from his department and starts updating the Income Tax Act. Only one part remains: Our Department must have the power to take action against these folks who use tax-havens for making business deals.

Australia has GAAR since I'm surprised to see Indian authorities were sleeping all these years and suddenly realized in that we too need a GAAR! IT Commissioner Well, Better late than never! The burden of proof rested on the prosecution, i. Sarkaari Vakil and Police has to convenience the court that Raja is guilty. The Suspect was presumed guilty, and he had to prove that he had no criminal intent. Pranab: Very good. Just the way I wanted it. Now I'll table this bill in parliament. As usual Opposition MPs start shouting slogans against him.

Lok Sabha TV-viewer: Yaar, ek toh Pranab's Bengali English accent is so hard to decipher in the first place and all this shouting is making it impossible to understand what he is saying! The Committee issues an advertisement in the major newspapers :"We"ve uploaded the draft DTC code on our website so if anyone got problem or suggestion, send it by ordinary post or meet us in person because our fax machine is not working and our Secretary forgot the Gmail password. One such stakeholder is our good old Mr.

Vodafone, he appears before the standing Committee to present his case. But yet we are unnecessarily getting vilified just like anyone who dares to speak against Team-Anna is automatically labelled as Congi-agent. Assumption of GuiltMr. Vodafone: Adding insult to the injury, the GAAR rule says, -It shall be presumed that tax-avoidance is the main purpose of a business deal, unless otherwise proved by the taxpayer. Kalmadi can walk out on bail despite stealing crores from Indian-taxpayers and we are not even allowed to do proper tax planning.

Even Supreme Court said in the Vodafone case that. Genuine strategic tax planning is permissible. Conflict of InterestMr. But Why give him this discriminatory power? He'll be Police, Judge, Jury and the Executioner.

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Pranab: but there are safeguards. Vodafone: But we'll have to waste so much of our money in hiring tax-lawyers! Do you have any idea how much time and money did it cost me to prove my innocence in Vodafone-Hutch deal? Misplaced priorities: Tax Evasion vs Tax Avoidance Tax EvasionMeans illegal arrangements where liability to tax is hidden or ignored i. The tax payer pays less tax than he is legally obligated to pay by hiding income or information from tax authorities. Black money falls here.

Tax AvoidanceAn arrangement of a tax payer's affairs that is intended to reduce his liability and that although the arrangement could be strictly legal. The key distinction being that in tax avoidance the key facts and financial details are not hidden by the tax payer but are on audit-record. Piecemeal vs Holistic ApproachPranab: But my friend, something is better than nothing.

As you're well aware, I don't enjoy majority in Rajya-Sabha. It is very tough for me to pass any bill be it women's' reservation bill or pension and insurance reforms. So, I've to take state governments in confidence before passing any legislation or framework, just like the FDI in retail or GST Goods and services tax.

This means total disrespect for bilateral tax treaties! Pranab intervenes : haha dude we have neither signed nor ratified that Vienna Convention!

Vodafone: But then how am I supposed to do business? There is no certainty whether you're going to respect the International tax treaties or not. It will all depend on the whims and fancies of your IT Commissioner. How am I going to make business deals with other companies abroad? Economy cannot prosper in places having any type of uncertainty. Take the case of Naxal affected regions. Besides Supreme Court has said in my case Tax policy certainty is crucial for taxpayers including foreign investors to make rational economic choices in the most efficient manner.

Pranab: ya ya I know it very well what Supreme Court said in your case. Fir GAAR ki poongi bajaate rahenaa. Yet they do business deals in Mauratius, Caymen's island etc to avoid paying taxes to Indian Government. GAAR puts the onus on the taxpayer to prove that his business-deal is not for tax-avoidance.

This will create a lot of uncertainty and could potentially lead to a dangerous trend of the IT Commissioner questioning almost every transaction that results in tax saving. End of article.

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Die hard fans of Sachin, Nupur Talwaar and anyone else not as bored and fed up as I'm, can leave now. No need to read further. Vodafone: oh yes…right …. Rivers of milk and honey will flow, Naxalites will stop kidnapping good Collectors, Drunkards will stop beating their wives, Lokpaal bill will be passed…. Anyways, I've got an idea about increasing Revenue collection. PranabThen by all means share it with me. PranabBut heavy direct-taxation leads to more tax evasion and heavy indirect-taxation leads to smuggling as it happened in Once Upon A Time In Mumbaai because India Junta has obsessed with white skin.

IT CommissionerOk another idea Sir-ji. You become brand ambassador of Sandhi Sudha Tel oil. Because they've too may need to import some raw material from third country, also for paying the transport cost to ships etc. Well, these rates are given on the official page of Citibank USA! Now they'll increase the interest rate even higher, after RBI increased the ceiling. So no need to run to Forex agents. Besides, it takes only one troubled bank to reduced its loan interest rate, and the other banks will be forced to reduce their loan-interest rate as well, to stay competitive.

Then why didnot the said troubled bank reduce its loan interest rate earlier? Because more Foreigners invest in India compared to Indians investing abroad.

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Besides even if an Indian had invested in American or European market, he'd not have recieved much income from the investment because of the global financial crisis during that period. Current Account DeficitSimply do the addition of figure 1 , 2 Here both principal and interest will be paid in American currency. This is an example of Foreign Currency Bond. It is a bond issued by an Indian company expressed in foreign currency, the principal and interest of which is payable in foreign currency. What is Convertible Bond?