Taxman's brush with fine art of evasion

| Last updated: 03 July 2007

Quick Summary
The Indian Income Tax department is targeting the country's $350 million art market to crack down on widespread tax evasion. Recent raids on galleries in Mumbai and Delhi revealed common practices like under-invoicing, undocumented transactions, and under-reported inventory. By enforcing transparency in gallery accounting, tax authorities aim to identify high-spending anonymous buyers who are dodging taxes on their art acquisitions.

Tax evasion, some say, has become a fine art in India. So, it wasperhaps a matter of time before fine art came under the I-T scanner.It would certainly be hard for taxmen to ignore this phenomenon,with the Indian art market currently valued at $350 million andsales and auctions routinely raking in c
Daily Limit Reached

You have reached your daily limit of 2 Free Articles

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?
  • No Ads
  • WhatsApp Community
  • Daily E-Newsletter
  • Unlimited Articles Access
  • Profile Visitors
  • Link Social Profiles
  • Featured Job Posts
  • Pro Badge
  • Expert GST Guidance
  • Unlimited Forum Replies
  • Download Content in PDF
BEST VALUE
2 YEAR PLAN
3,499
(Excl. of GST ₹629)
1 YEAR PLAN
1,999
(Excl. of GST ₹359)

3 MONTHS PLAN
999
(Excl of GST ₹179)
View all CCI PRO benfits

Already a PRO member? Login here for an ad-free experience.



CA Nikita

About the Author

Chartered Accountant

Here to Help!!!

View Articles
Comments :

Related Articles


Loading


Popular Articles




Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member DHRUV PATELDHRUV PATELPro Member asmita guptaasmita guptaPro Member Mritoonjay GoraiMritoonjay GoraiPro Member AustinAustinPro Member Fahima MalikFahima Malik
Subscribe to Pro
Join an elite circle of professionals

CCI Articles

You can also submit your article by sending to article@caclubindia.com

submit article

Browse by Category