If we cannot eradicate corruption / bribery let us make it official. Rates
of Bribes can be displayed at various Govt. offices ( so that ordinary
public prepares its budget accordingly and is not overcharged ). The
bribe taking officials should then show these bribes as Other Income in
their Income Tax Returns and pay Income Tax on it.
Bribes and Corruption charges should be paid by A/c Payee Cheques / Bank Drafts . In fact because presently bribe payments have to be made only in cash there is a large amount of black money circulating in India. Every entity ( Individual or Corporate etc ) has to make payments in No. 2.
A lot of Accounting Jugglery is done. One method is Under Invoicing the Goods supplied to Dealers / Wholesalers , The difference of Invoice Billed and goods supplied to them is kept by the Dealer under a Separate Head ( Benami of their Principals ) which the Principal directs the Dealer to pay in cash to the Bribe Seekers. The Institute of Chartered Accountants should issue standard guidelines and Companies should show such payments separately in their Annual Reports to their Share Holders.
Bribes and Corruption charges should be paid by A/c Payee Cheques / Bank Drafts . In fact because presently bribe payments have to be made only in cash there is a large amount of black money circulating in India. Every entity ( Individual or Corporate etc ) has to make payments in No. 2.
A lot of Accounting Jugglery is done. One method is Under Invoicing the Goods supplied to Dealers / Wholesalers , The difference of Invoice Billed and goods supplied to them is kept by the Dealer under a Separate Head ( Benami of their Principals ) which the Principal directs the Dealer to pay in cash to the Bribe Seekers. The Institute of Chartered Accountants should issue standard guidelines and Companies should show such payments separately in their Annual Reports to their Share Holders.
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