Shah Rukh Khan I-T notice; asked to spell out offshore investments

July 25, 2016

Mumbai, Jul 25: Amid New Delhi's high-pitched hunt for hidden assets of the rich and famous, actor Shah Rukh Khan has received a notice from the income-tax department. About a fortnight ago, the tax office asked Khan to spell out details of his investments in offshore destinations.

srkThe tax office sought details of Khan's investments in destinations such as Bermuda, British Virgin Islands (BVI) and Dubai. While tax authorities are sitting on a mountain of information on offshore investments by a large number of Indians, it is unclear whether the department has any prima facie evidence to believe that Khan's overseas assets reflect his undisclosed wealth.

The notice was sent under Section 131 of the Income-Tax Act, which empowers tax authorities to conduct enquiries, a person aware of the development told ET. The department, it appears, is going beyond the actor's disclosed ownership of shares of companies in tax havens to fish out information such as activities of these outfits, the decision-makers, directors, etc. ET's email to Karuna Badwal, Khan's business manager and co-producer at Red Chillies Entertainment, went unanswered till the time of going to press.

According to industry sources, besides Khan, a few industrialists who have structured investments through Singapore have received similar notices. It happens at a time the government — driven by its promise to unearth black money — is going after many wealthy Indians who did not declare overseas bank accounts and assets such as properties and stocks in the quasiamnesty scheme last year. The notices to celebrities (like Khan) may be aimed at reminding the rich that they should come clean under the ongoing Income Declaration Scheme (IDS), which is being aggressively marketed by the finance ministry as an opportunity to declare undisclosed local assets.

Efforts to make a ID's a success

"The government is making all efforts to make IDS a success. Notices are being issued to assessees to send the message that the government is serious and those who once again refuse to declare concealed income would face the music," said senior chartered accountant Dilip Lakhani.

According to Mitil Chokshi, senior managing partner at audit firm Chokshi & Chokshi LLP, "There's no doubt that those assessees who have been issued notices or subjected to investigation cannot opt for IDS. But such actions — like prosecution initiated against many assessees, charges slapped on many professionals for aiding and abetting, and information obtained from other jurisdictions — would make assessees think twice before evading tax. It would surely go to make many new assessees." Neither Lakhani nor Chokshi is an adviser to Khan.

Many businessmen, top-notch professionals and actors have used the liberalised remittance scheme of the Reserve Bank of India to buy apartments and stocks abroad. Many, in order to escape estate duty, bought into shell companies in Jersey to invest in London's property market. The scheme allows investment in almost all markets barring countries such as Mauritius, Iran and Afghanistan. Some businessmen have used their companies in India to invest abroad as rules allow a local company to invest up to 400% of its net worth in an overseas joint venture or wholly owned subsidiary.

"A lot depends on how investments are structured. A professional in showbiz who parks a slice of his earnings from overseas shows in an offshore account may appear to be violating the law. But if he organises his business smartly — by giving the rights of organising such shows to a firm in BVI or Dubai and hires directors who execute the decisions — he may still be within the tax rules. He is liable to pay tax only if he receives dividend from such overseas companies he has floated," said a person who provides such advice.

A few years ago, taxpayers were told to share information of overseas investments in their tax returns. "But even if one shares such information, the tax department would not know the nature of the company and its structure. Now, they are trying to find out more. But there's very little the department can do if the investments are legal," he said.

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News Network
February 10,2020

Feb 10: Bong Joon-ho’s film “Parasite” starts in a dingy, half-basement apartment with a family of four barely able to scratch out a life. There must be no place to go but up, right? Yes and no. There’s nothing predictable when the South Korean director is on his game.

This dark, socially conscious film about the intertwining of two families is an intricately plotted, adult thriller. We can go up, for sure, but Bong can also take us deeper down. There’s always an extra floor somewhere in this masterpiece.

It tells the story of the impoverished four-person Kim family who, one by one, and with careful and devious planning, all get employed by the four-person affluent Park family — as a tutor, an art teacher, a driver and a housekeeper. They are imposters stunned by the way wealth can make things easier: “Money is an iron. It smooths out all the creases,” says the Park patriarch with wonder.

Bong, who directed and wrote the story for “Parasite,” has picked his title carefully, of course. Naturally, he’s alluding to the sycophantic relationship by a clan of scammers to the clueless rich who have unwittingly opened the doors of their home on a hill. But it’s not that simple. The rich family seem incapable of doing anything — from dishes to sex — without help. Who’s scamming who?

Bong’s previous films play with film genres and never hide their social commentary — think of the environmentalist pig-caper “Okja” and the dystopian sci-fi global warming scream “Snowpiercer.” But this time, Bong’s canvas is a thousand times smaller and his focus light-years more intense. There are no CGI train chases on mountains or car chases through cities. (There is also, thankfully, 100% less Tilda Swinton, a frequent, over-the-top Bong collaborator.

The two Korean families first make contact when a friend of the Kim’s son asks him to take over English lessons for the Park daughter. Soon the son (a dreamy Choi Woo-sik) convinces them to hire his sister (the excellent Park So-dam) as an art teacher, but doesn’t reveal it’s his sis. She forges her diploma and spews arty nonsense she learned on the internet, impressing the polite but firm Park matriarch (a superb Jo Yeo-jeong.)

The Park’s regular chauffer is soon let go and replaced by the Kim patriarch (a steely Lee Sun-kyun). Ditto the housemaid, who is dumped in favor of the Kims’ mother (a feisty Jang Hye-jin.) All eight people seem happy with the new arrangement until Bong reveals a twist: There are more parasites than you imagined. The clean, impeccably furnished Park home will have some blood splashing about.

Bong’s trademark slapstick is still here but the rough edges of his often too-loud lessons are shaved down nicely and his actors step forward. “Keep it focused,” the Kim’s son counsels his father at one point. Bong has followed that advice.

There are typically dazzling Bong touches throughout. Just look for all the insect references — stink bugs at the beginning to flies at the end, and a preoccupation with odor across the frames. And there’s a scene in which the rich matriarch skillfully winds noodles in a bowl while, in another room, duct tape is being wrapped around a victim and classical music plays.

Bong could have been more strident in his social critique but hasn’t. There are no villains in “Parasite” — and also no heroes. Both families are forever broken after chafing against each other, a bleak message about the classes ever really co-existing (Take that, “Downton Abbey”).

“Parasite” is a worthy winner of the Palme d’Or at the Cannes Film Festival, the first South Korean movie to win the prestigious top prize. The director has called it an “unstoppably fierce tragicomedy.” We just call it brilliant.

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Agencies
March 24,2020

Los Angeles, Mar 24: In a bizarre video shot from her rose petal filled bathtub, pop star Madonna has called the coronavirus pandemic "a great equaliser".

The music icon said the virus doesn't discriminate between rich and poor.

That's the thing about COVID-1. It doesn't care about how rich you are, how famous you are, how funny you are, how smart you are, where you live, how old you are, what amazing stories you can tell.

It's the great equaliser and what's terrible about it is what's great about it. What's terrible about it is that it's made us all equal in many ways, and what's wonderful about is, is that it's made us all equal in many ways, Madonna said in the video while having a milky bath in tub full of roses.

The 61-year-old singer, who had to cancel two of her concerts in Paris due to coronavirus outbreak, also referenced her 1995 song Human Nature in the video saying we are all going down together .

According to the Johns Hopkins coronavirus tracker, the death toll from the virus globally has risen to 14,641 with 336,000 cases reported in 173 countries and territories.

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News Network
June 16,2020

Mumbai, Jun 16: Filmmaker Dibakar Banerjee remembers Sushant Singh Rajput as a dance loving 'chhokra' from an engineering college who, having made it in Bollywood, was “enthused, sincere and totally focused” on his craft.

Banerjeee said the actor always had “a book or two” with him and took pride in the fact that he had an “inner intellectual life away from the shallower aspects of showbiz”.

Rajput was found dead in his Bandra apartment on Sunday at the age of 34, leaving his friends, colleagues and collaborators in a state of shock.

The Patna-born actor and the director worked together in 2015 film "Detective Byomkesh Bakshy!" when Rajput was a relative newcomer in the industry. Banerjee says it was Rajput's vulnerability and willingness to do different that made him stand out for the role.

In an interview with news agency, the filmmaker looks back at Rajput's sincerity, his love for science and astronomy and how an outsider has to work harder than a "mediocre, unmotivated and entitled establishment elite" to succeed in Bollywood.

Excerpts:

You worked with Sushant when he was less than two-year-old in the film industry. What struck you the most in him to cast as Detective Byomkesh Bakshy?

Banerjee: His vulnerability and intensity and the ambition to do different things than the usual Bollywood stuff.

What were your memories of Sushant- the actor and the person?

Banerjee: As an actor he would tense himself up for the scene and then completely plunge in take after take. He would put a lot of value on preparation. He would be up the previous night of the shoot, reading the scene and making notes and land up on the sets all raring to go.

He would be on, ready and give his hundred per cent throughout the shoot of Byomkesh - no matter how hard or long the day. The unit did not really have to worry about him - considering he was the star. That's what I remember - a total pro, enthused, sincere and totally focused.

As a person, he seemed to me a happy dance loving 'chhokra' from an engineering college who had made it in showbiz and now was serious about acting. He was deeply nostalgic about his carefree student days in Delhi. We used to laugh a lot - I remember that quite clearly.

Sushant's friends say that he spoke more about books and his love for astronomy than films and their fate, which is rare for an actor in the industry. Do you also remember him that way?

Banerjee: Totally true. He was a science and astronomy nut. Always had a book or two with him - and was proud of the fact that he had an inner intellectual life away from the shallower aspects of showbiz. I recognized it as a reflex, protective action to prevent the Bollywood swamp sucking him in totally. And also an identity he wanted to protect and project.

Sushant's death has brought to the fore the struggles of outsiders and the alienation they often face from the nepotistic culture of the industry. Did you feel that Sushant was also fighting this battle despite being a successful actor?

Banerjee: We all fight it, day in and out - whether successful or failing. But the trick is to define that success and failure ourselves and not let the narrative constantly forced by the establishment to get to you. Those who know this weather the storm and ultimately survive and thrive.

The biggest unfairness in all this is that it takes double the talent, energy and hard work for an outsider to convince the audience and the industry that he or she is as safe a box office bet as a mediocre, unmotivated and entitled establishment elite.

The media colludes in this by wallowing in family, coterie and celebrity worship. This leads to deep anger and frustration. Those who can let this slide survive. Those who can't - those who hurt a little more or are vulnerable and impressionable - they are at risk.

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