There is very little that you could do to act smart with the central government is breathing on your neck. This is all the more true when the matter revolves around pinching a portion of what is due to the latter in the form of taxes and hiding it under your bed till it is safe enough to take out the stash. The fact is, if you have not paid your taxes, you can, might as well forget about being safe from the eyes of the authority. If the masterminds with their stuff locked in the Swiss Banks are not being able to pull it off with the tax hounds of the present government, you are sure to be better off adopting the policy of honesty, sticking with it and preaching it at the same time.
Here is what you should be ready to face if you choose to miss out on any type of taxes whatsoever with the focus on service and income taxes€¦
1) Penalties - There is no better way of presenting this consequence and one should also not expect the authorities to ease the defaulters into this. Penalties strike the minute you are discovered with skeletons in your closet. If you have been nurturing the hope of falling back on VCES, this may be a little too late.
The penalties basically include coughing up of the entire amount that has been denied to the authorities as service tax payment at the right time and topping it up with truck loads of fines and interests as a price for defaulting in the first place. So what could have been achieved by paying an agreeable amount would eventually lead to paying many times over.
2) Freezing of the Endeavor - You could call this a heavier version of €penalty' or being struck by lightning, as and how it reveals itself to you. Under many grounds, defaulters can face punishments as strict as scrapping of their endeavors altogether for failing to comply with service tax payment.
Yes. This is just as simple as it sounds. The tax men assuming the role of axe men would plainly walk over with a lock of their choice, evacuate your office grounds and leave with a smile on their face. You on the other hand will be accommodated in the local jail where you can enjoy the facilities till the time you get bailed out, that is€¦ €if at all'.
3) Humiliation - If this was not enough, you will also be subjected to thorough humiliation which forms a part and parcel of the process. You may also come across a few odd individuals popping bottles of champagne at your loss who may have frowned upon your riches before. You need to be made of sterner stuff if you wish to recover and get back at what you do best, that is the services you offer and NOT tucking away the amount you should otherwise pay as €tax'.
For those who uphold ignorance about the matter as a shield to defend their share of defaulting should be aware that there are professionals who can help with the matter with diligence. The tax authorities are also well aware of it which is the reason why they would never buy into the €ignorance' trap.
Here is what you should be ready to face if you choose to miss out on any type of taxes whatsoever with the focus on service and income taxes€¦
1) Penalties - There is no better way of presenting this consequence and one should also not expect the authorities to ease the defaulters into this. Penalties strike the minute you are discovered with skeletons in your closet. If you have been nurturing the hope of falling back on VCES, this may be a little too late.
The penalties basically include coughing up of the entire amount that has been denied to the authorities as service tax payment at the right time and topping it up with truck loads of fines and interests as a price for defaulting in the first place. So what could have been achieved by paying an agreeable amount would eventually lead to paying many times over.
2) Freezing of the Endeavor - You could call this a heavier version of €penalty' or being struck by lightning, as and how it reveals itself to you. Under many grounds, defaulters can face punishments as strict as scrapping of their endeavors altogether for failing to comply with service tax payment.
Yes. This is just as simple as it sounds. The tax men assuming the role of axe men would plainly walk over with a lock of their choice, evacuate your office grounds and leave with a smile on their face. You on the other hand will be accommodated in the local jail where you can enjoy the facilities till the time you get bailed out, that is€¦ €if at all'.
3) Humiliation - If this was not enough, you will also be subjected to thorough humiliation which forms a part and parcel of the process. You may also come across a few odd individuals popping bottles of champagne at your loss who may have frowned upon your riches before. You need to be made of sterner stuff if you wish to recover and get back at what you do best, that is the services you offer and NOT tucking away the amount you should otherwise pay as €tax'.
For those who uphold ignorance about the matter as a shield to defend their share of defaulting should be aware that there are professionals who can help with the matter with diligence. The tax authorities are also well aware of it which is the reason why they would never buy into the €ignorance' trap.
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