Pandora Papers: Sachin Tendulkar, Anil Ambani among celebrities to have used offshore tax havens

[Trichromatic]

18 minutes ago, rangeelaraja said:

 

I don't know his professional  activities post cricket retirement . You may check with these details CA/ CPA if they are going to " help a lot ".

 

 

 

 

Let's say if he is not doing anything else and earning only from those ads, what would be his profession?

[ravishingravi]

6 minutes ago, Trichromatic said:

 

Let's say if he is not doing anything else and earning only from those ads, what would be his profession?

Depends on contract. But for him, it should be considered as other income if he contracts as individual. But most likely it’s his agency / company which will contract with the sponsor. So I guess it would be business income where he gets a Commission from his business entity. 
 

[rangeelaraja]

21 minutes ago, sandeep said:

Each and every single "critic" on this thread will, without any hesitation, use any and all means necessary to minimize their tax burden.  All methods that are available to them. 

 

But if a celeb does it - its open season.  oh he's so rich, why is his accountant doing all these gimmicks - never mind the fact that its the accountant's job to deliver minimal tax burden.  Now obviously its up to each individual as to how aggressive they want their accountants to be in terms of executing this.  

 

But hypocrisy is just what it is.  

 

No point arguing about it.

 

 

The moot point is there are different rules/laws for the influential celebrities in the country vs. the common man. 

 

This is typical of a 3rd world country vs. a developed country.

 

If I m a salaried employee in India with an active provident fund contribution and I earn 10 lakhs annual salary and make 20 lakhs on the side annually with my stock investments -  i am eligible for capital gains tax and cannot claim that "stock investment" is my profession while my provident fund is still getting contributions every year ( something like the 401K contribution  if you like ).

 

But a Bharat "Ratna"   Sachin Tendulkar can get away claiming to be an artiste/model while being a full time professional cricketer because his commercial endorsements income exceeds his cricketing income from BCCI.

 

 

 

 

[rangeelaraja]

44 minutes ago, Trichromatic said:

 

Let's say if he is not doing anything else and earning only from those ads, what would be his profession?

 

 

How do you know ?  He may be earning much more from his investments and savings accumulated over his playing career than ads ?

 

Why do you want to assume anything to suit yourself ? 

 

Nobody knows his activities and break down of sources of income now because he has long retired as a cricketer which was his profession for 25 years until 2013.

 

 

 

 

[sandeep]

34 minutes ago, rangeelaraja said:

The moot point is there are different rules/laws for the influential celebrities in the country vs. the common man. 

 

This is typical of a 3rd world country vs. a developed country.

uh no.  That's the reality in any country.  

 

34 minutes ago, rangeelaraja said:

If I m a salaried employee in India with an active provident fund contribution and I earn 10 lakhs annual salary and make 20 lakhs on the side annually with my stock investments -  i am eligible for capital gains tax and cannot claim that "stock investment" is my profession while my provident fund is still getting contributions every year ( something like the 401K contribution  if you like ).

 

But a Bharat "Ratna"   Sachin Tendulkar can get away claiming to be an artiste/model while being a full time professional cricketer because his commercial endorsements income exceeds his cricketing income from BCCI.

 

That's a flaw in the tax structure, and its not the fault of Sachin or his accountant for using it.  

 

Again, I'm all for progressive taxation and closing down on loopholes that favor the elite - but that's a separate conversation instead of just throwing monkey feces = "SaChIn tAx ChEaT" etc etc. 

Edited October 5, 2021 by sandeep

[rangeelaraja]

20 minutes ago, sandeep said:

uh no.  That's the reality in any country.  

 

 

A Salman Khan can get anticipatory bail from the judge within 2 hours of his arrest warrant being issued, somehow his lawyer knows the judge and things are always well synchronized.

 

A Sanjay Dutt can spend a ridiculous 50 %  of his prison time out on parole, meeting the "criteria" for parole, while unless there is a death/ death like situation in the family the common man has little or no chance of getting parole.

 

This kind of BULL SHEET  can only happen in India and other 3rd world countries.   And it is one of the reasons why we left India in the first place. 

20 minutes ago, sandeep said:

That's a flaw in the tax structure, and its not the fault of Sachin or his accountant for using it.  

 

 

 

This is not the only instance where Sachin has abused his influence and power for favors and wished to bend the law , while pretending to be a "simple" ,  " honest" ,

"law abiding"

 

The way he approached Manohar Parrikar expecting to bend the law to help is business partner Sanjay Narang is just one example. 

 

 

 

 

 

Edited October 5, 2021 by rangeelaraja

[sandeep]

6 minutes ago, rangeelaraja said:

This kind of BULL SHEET  can only happen in India and other 3rd world countries.   And it is one of the reasons why we left India in the first place. 

 

Jeffrey Epstein can commit "suicide" in prison before he can testify against billionaires - and the video cameras stop working.  This didn't happen in India - it happened in the great USA.

 

Donald Trump can be a rape accused, be caught on video tape bragging about how you can just grab women by the ***y, and still win an election to become the national leader.  This didn't happen in India, it happened in the USA.  

 

Banks can give out bad loans worth trillions, and get bailed out by the treasury, while the little guy gets screwed.  Again, not India.  

 

9 minutes ago, rangeelaraja said:

This is not the only instance where Sachin has abused his influence and power for favors and wished to bend the law , while pretending to be a "simple" ,  " honest" ,

"law abiding"

 

The way he approached Manohar Parrikar expecting to bend the law to help is business partner Sanjay Narang is just one example. 

 

I don't know about this stuff much, and assuming its accurate - its deserving of criticism.  But let's not pretend that its completely mainstream in India for anybody - celebrity or otherwise - to use their personal 'network' to lobby for favors from government officials.  And guess what? It happens everywhere, including the great USA.  

 

 

Again, none of this is to dispute that India has a lot of issues with corruption and rent-seeking bureaucrates used by elites for their own benefits.  Its much worse on this front than the US - but its naive to claim that its only an Indian issue.

[rangeelaraja]

18 minutes ago, sandeep said:

 

Jeffrey Epstein can commit "suicide" in prison before he can testify against billionaires - and the video cameras stop working.  This didn't happen in India - it happened in the great USA.

 

Donald Trump can be a rape accused, be caught on video tape bragging about how you can just grab women by the ***y, and still win an election to become the national leader.  This didn't happen in India, it happened in the USA.  

 

Banks can give out bad loans worth trillions, and get bailed out by the treasury, while the little guy gets screwed.  Again, not India.  

 

 

I don't know about this stuff much, and assuming its accurate - its deserving of criticism.  But let's not pretend that its completely mainstream in India for anybody - celebrity or otherwise - to use their personal 'network' to lobby for favors from government officials.  And guess what? It happens everywhere, including the great USA.  

 

 

Again, none of this is to dispute that India has a lot of issues with corruption and rent-seeking bureaucrates used by elites for their own benefits.  Its much worse on this front than the US - but its naive to claim that its only an Indian issue.

 

 

 

1) Winning elections is mandate of the people. It has nothing to do with how the law is often up for sale in India as we find out day in day out with celebrities.

 

2) In India to IL & FS default happened with massive defaults relative to the size of our banking system and economy. Bad Loans  occur everywhere from time to time a result of policies and is not necessarily an indication of corruption. Before the 07/08 recession , home loans were offered on as low as 1 % down to the common man without mortgage insurance  to facilitate  home ownership. And the whole system collapsed. This was just bad policy

 

3) Lobbying is euphemistic term in the West for what is called crony capitalism in India.  He can do whatever he wants, then the Bharat Ratna must be rescinded from him, because his conduct is hugely demeaning the stature of Bharat Ratna - which should actually be given to far more deserving people who never got it and whose contributions to the country are countless times more than that " commercial artiste / entertainer " 

 

People like Homi Bhabha, Vikram Sarabhai, Verghese Kurein, Vishy Anand and even Azim Premji are actually  way more worthy of the Bharat Ratna.

 

Edited October 5, 2021 by rangeelaraja

[sandeep]

5 minutes ago, rangeelaraja said:

He can do whatever he wants, then the Bharat Ratna must be rescinded from him, because his conduct is hugely demeaning the stature of Bharat Ratna - which should actually be given to far more deserving people who never got it and whose contributions to the country are countless times more than that " commercial artiste / entertainer " 

 

Guess you have decided to yell at the Sachin Bharat ratna cloud instead of your usual Pakistan cloud...

[rangeelaraja]

3 minutes ago, sandeep said:

 

Guess you have decided to yell at the Sachin Bharat ratna cloud instead of your usual Pakistan cloud...

 

 

Bas aaj kaal tari jem navro betho chhu.  

[rkt.india]

12 hours ago, rangeelaraja said:

 

Ofcourse we know how the courts in India work for the high and mighty. 
 

Courts also accepted that Salman khan was not behind the wheel when he ran over and killed people sleeping on the streets because his driver accepted his “crime”.  
 

Courts also accepted his version in the black bucks case. 
 

So he must be innocent ofcourse. 

Salman was jailed in black buck case.

[rkt.india]

12 hours ago, rangeelaraja said:

 

You want to be deliberately dishonest and live in denial, suit yourself. 
 

Even an illiterate poor in India knows the laws are different for different people. 
 

Sanjay Dutt spent a lions share of his jail time out on parole. 

Parole doesn't count as jail time.

[mishra]

Panama Papaers, Pandora papers are all toilet papers. I believe these exposes are to put pressure on some western people to use different tax avoidance scheme. 

Edited October 7, 2021 by mishra

[rangeelaraja]

On 10/5/2021 at 3:08 AM, Mariyam said:

Why? Sachin didn't buy the car.

 

He was initially granted an exemption. Duty on the vehicle was around 122% of the cost of the vehicle. On BCCI's insistence ( Dalmiya, me thinks) to the GoI he was granted an exemption. Rule in India was that had it been won in a series as a man of the tournament or whatever, GoI would have granted the exemption. But this was in lieu of beating Bradman's record or something of the sort. It was a grey area.

There was a huge hue and cry about it in the media ( uncalled for in my opinion) and the Govt reneged on the exemption and asked him to cough up the amount.

FIAT paid his dues for him. Its only after wards was he allowed to pick it up from the Ports Authority of India.

 

After he sold it a business person from Gujarat, he would have paid a capital gains tax on the proceeds. Not very sure here , but certain l luxury vehicles are counted as depreciating assets and draw a capital gains tax on sale. So why exactly is his image tarnished?

 

How do we know that the excuse of “ gift” was actually sought for a purchase so as to avoid duties ? It’s an easy gimmick

 

And if it was indeed a “gift”,  then who sells a

“ gift “ in a commercial transaction  ????? 
 

His PR tries to project  him as an ideal, “humble” , Clean and perfect man.
 

The number of times he has tried to abuse his influence and power for favors is astonishing.

 

His PR pays agencies for news like this so as to project his bloody fake daryadilri. 

 

https://www.google.com/amp/s/www.hindustantimes.com/delhi/sachin-refuses-official-house-will-pay-for-his-stay/story-2qdk9OhEoEDh4bWyIAvAbK_amp.html

 

The reality is that he never intended to move out of Bombay and was a total absentee from Rajya Sabha.

 

https://www.google.com/amp/s/www.hindustantimes.com/editorials/a-rajya-sabha-seat-is-wasted-on-members-like-tendulkar-and-rekha/story-8XySzsZszKLyj54q9aWqiL_amp.html

 

 

The only reason why he accepted the RS seat that Congress offered was a quid pro quo arrangement where Congress will get election benefit for this “populist “ decision and they will nominate and guarantee him the most undeserved Bharat “Ratna”.

 

What a simple, humble, clean  man indeed. 

 

[coffee_rules]

5 hours ago, rangeelaraja said:

 

How do we know that the excuse of “ gift” was actually sought for a purchase so as to avoid duties ? It’s an easy gimmick

 

And if it was indeed a “gift”,  then who sells a

“ gift “ in a commercial transaction  ????? 

 

 

Who wants to drive a ferrari at 40 kmph on Mumbai's sadi hui sadke?

[Mariyam]

13 hours ago, rangeelaraja said:

How do we know that the excuse of “ gift” was actually sought for a purchase so as to avoid duties ? It’s an easy gimmick

 

FIAT paid the duty. Why would they agree to this meaningless (from their POV) arrangement where they give away a car and a duty worth 122% of the car value to make a sale?

That too for a market that had a very low number of people who can afford the vehicle (90s India) and infrastructure not conducive to driving that vehicle.

[rangeelaraja]

9 minutes ago, Mariyam said:

FIAT paid the duty. Why would they agree to this meaningless (from their POV) arrangement where they give away a car and a duty worth 122% of the car value to make a sale?

That too for a market that had a very low number of people who can afford the vehicle (90s India) and infrastructure not conducive to driving that vehicle.

 

 

Ok, then you agree that he sold the gift in a commercial transaction ?

 

Where do you get that FIAT paid the duty ?

 

The " humble",   " simple" man had written to the Finance Minister for the waiver and apparently it did go through.   

 

https://timesofindia.indiatimes.com/city/mumbai/govt-bends-rules-for-sachins-car/articleshow/153399.cms

 

Quote

Tendulkar wrote to finance minister Jaswant Singh on July 27, 2002, seeking a waiver.  A little over a month later, the ministry issued an exemption order under the Customs Act. Tendulkar received a personal reply from Singh. The batsman had also sent a copy of his application to BJP MP Pramod Mahajan.

 

I don't want to discuss this laalchi fakester anymore. 

 

[Trichromatic]

28 minutes ago, rangeelaraja said:

 

 

Ok, then you agree that he sold the gift in a commercial transaction ?

 

Where do you get that FIAT paid the duty ?

 

The " humble",   " simple" man had written to the Finance Minister for the waiver and apparently it did go through.   

 

https://timesofindia.indiatimes.com/city/mumbai/govt-bends-rules-for-sachins-car/articleshow/153399.cms

 

 

I don't want to discuss this laalchi fakester anymore. 

 

 

 

https://www.espncricinfo.com/story/fiat-agrees-to-pay-duty-on-sachin-s-ferrari-124935

 

Quote

Fiat, who gained tremendous marketshare from Tendulkar's endorsement of their `Palio' brand, have released a statement saying that they have taken the burden of paying the import duty upon themselves. The statement stated: "Fiat India [will] pay the import duty for Sachin's Ferrari, as the gift was meant to felicitate and honour him for his achievement. The Ferrari Modena was presented to Sachin by Fiat for equalling Sir Donald Bradman's record of scoring 29 Test centuries. Fiat believes that this gesture on its part, of paying the import duty, is in keeping with the spirit in which the gift was given."

 

 

 

I don't know whether they paid it or not.

[Trichromatic]

14 hours ago, rangeelaraja said:

 

How do we know that the excuse of “ gift” was actually sought for a purchase so as to avoid duties ? It’s an easy gimmick

 

And if it was indeed a “gift”,  then who sells a

“ gift “ in a commercial transaction  ????? 

 

Is there a reciept of purchase? If not, then it's not counted as purchase. 

 

Who sells gift - seen many people doing that, not just rich, even middle class.

[Mariyam]

@rangeelaraja

 

Of course he sold it off. Odd as it maybe, its his wish. You are making it sound as if its some cardinal sin.

 

There is nothing wrong in asking for an exemption. Every citizen can apply for an exemption. Its not something that happened ad hoc in the case of Sachin's Ferrari. Its a procedural practice and we have an institution that handle these requests, and another that does the valuation of the goods. This stuff is routine.

 

For instance, a B2B medical equipment marketing Unicorn routinely asked for exemption on certain "life saving machines" and it was found out that they had put hot water bags and stethoscopes also under the ' "life saving machine" BIS code. Obviously no exemption was given on that. And it became a joke/meme of sorts.

 

Point is, there is someone who won the nation laurels. He was gifted a vehicle (most probably as a tool to market the wider brand) he ostensibly didn't desire and asked for an exemption. What is so morally repugnant in this?

 

PS: @Trichromatic beat me to posting the link about FIAT.

 

Edited October 8, 2021 by Mariyam