If someone pay a sum of money to get some order then whether such amount paid as bribe is allowable valid legal expense. If yes can i pay in cash & what are other legal formalities
2007-03-09 23:03:18 · 9 answers · asked by jigeshdoshi 1 in Politics & Government ➔ Law & Ethics
No. paying bribe is not an allowable expense for the purpose of income tax. And also any cash paid more than 20,000/- is not allowed as business expenditure, even though you may have proper bills.
But on the other side, any bribe received is taxable (as income tax does not differentiate between legal or illegal income).
2007-03-09 23:28:01 · answer #1 · answered by Neo 3 · 0⤊ 0⤋
Absolutely impermissible. The middle men accept such payment as miscellaneous expenses. If payment of bribe is legal, why Quittorochi should run away from India and why the CBI should conduct a mock search for him.
2007-03-11 04:29:15 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Supreme Court of India does not recognize any transactions/deals carried out through bribe as legal
2007-03-13 04:17:37 · answer #3 · answered by sushobhan 6 · 0⤊ 0⤋
Paying bribe is akin to digging a grave for future for oneself and others alike.
The more you pay the more is demanded till you are unable to do so any more.
There are no legalities in shortcuts.
2007-03-11 10:50:58 · answer #4 · answered by Agyanee 3 · 0⤊ 0⤋
Please understand that bribe is an illegal act, which is abinitio void. How do you cloth validity on an act which is totally invalid in the eye of law ???
2007-03-11 17:05:21 · answer #5 · answered by V.T.Venkataram 7 · 1⤊ 0⤋
Brides are illegal in U.S., by claiming it and deducting, you admitting to a crime.
If it is with a foreign firm, you have to deal with the Foreign Corrupt Practices Act.
2007-03-10 12:46:32 · answer #6 · answered by Peaches 4 · 0⤊ 0⤋
It is not a valid expenses. It is called an incidental expenses.
2007-03-10 13:09:13 · answer #7 · answered by Surya 2 · 0⤊ 0⤋
Hate to answer a question with a question...but what the heck are you talking about????
2007-03-10 07:14:06 · answer #8 · answered by Brenda M 2 · 0⤊ 0⤋
NOT TO ALLOW. THIS CHRONIC ONLY MAKE INDIA
UNDER STRUGLE.
BAN THIS.
2007-03-10 07:35:11 · answer #9 · answered by RAMU 2 · 0⤊ 0⤋