In a country long defined by its poverty, it's easy now to find India's rich.
They're at New Delhi's Emporio mall, where herds of chauffeur-driven Jaguars and Audis disgorge shoppers heading to the Louis Vuitton and Christian Louboutin stores. They're shopping for Lamborghinis in Mumbai. They're putting elevators in their homes and showing off collections of jewel-encrusted watches in Indian luxury magazines. They're buying real estate in comfortable but unpretentious neighborhoods — neighborhoods thought of as simply upper-middle-class just a couple years ago — where apartments now regularly sell for millions of dollars.
They're just about everywhere. Unless it's income tax time. Then, suddenly, they barely exist.
The reality is simple: "There are very few people who are paying taxes," said Sonu Iyer, a tax expert at Ernst & Young in New Delhi. And tax dodging is everywhere. "It's rampant — rampant." Full story...
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They're at New Delhi's Emporio mall, where herds of chauffeur-driven Jaguars and Audis disgorge shoppers heading to the Louis Vuitton and Christian Louboutin stores. They're shopping for Lamborghinis in Mumbai. They're putting elevators in their homes and showing off collections of jewel-encrusted watches in Indian luxury magazines. They're buying real estate in comfortable but unpretentious neighborhoods — neighborhoods thought of as simply upper-middle-class just a couple years ago — where apartments now regularly sell for millions of dollars.
They're just about everywhere. Unless it's income tax time. Then, suddenly, they barely exist.
The reality is simple: "There are very few people who are paying taxes," said Sonu Iyer, a tax expert at Ernst & Young in New Delhi. And tax dodging is everywhere. "It's rampant — rampant." Full story...
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