Angel Tax - action by IT and Min of Finance
senior members of the department need to lay down detailed parameters for fair assessments, before making such additions to income, and to check the genuiness of the transaction. Only then should the claim in the notices be allowed to be accounted as revenue, and not merely by raising a demand notice. Otherwise we will not only discourage entrepreneurs but will also add on to an already long queue of tax litigations.
LocalCircles please escalate this as part of budget feedback more
LocalCircles please escalate this as part of budget feedback more
Viewed by 408
You will be surprised that more than 80% Start-Ups in India are just a way Big Businesses to siphon their Profits off and subsequently write them off !! The few Genuine Start-Ups with Real Angel Investors are generally guided by them to follow the rules without affecting their fundings much. So any universal method will obviously affect the Real Ones too !! Please suggest any other methods that the Government can use to check this menace as Money/Penalty is the only way to dissuade the unscrupulous ones .... more
Jan 13
Congress Rule, before amending Companies Act, I.T. Reductions, Amending and Conceding to Audit at vague Principle, even the Angel Tax, SHOULD HAVE SET LEGITIMATE AND SAFE PARAMETERS THAT QUALIFY : ' True, Fairness, Perfectness, in concluding Accounts Assessments and Audits. Since all were set with set nexus with Politicians and Businessmen, ALL THESE WERE SET VOGUE, UNCONDITIONAL, AND UNRECOGNIZABLE . In this Decade itself, the Ex Prime Minister , and, a Chief Minister commented the Reports of the Comptroller and Audit Generals as mere Assumptions . UNDER SUCH CIRCUMSTANCES, EVEN ACB, CBI, ED, HC, AND, APEX COURT ALSO CANNOT deliver Real Justice and manipulations can never be ended . more
Jan 13
Govt seldom is pro active in such matters .You need to suggest them parameters then they will wake up and react. more
Jan 13
