Income Tax systems not Startup Friendly
I agree with the post on excessive coverage of Snapdeal-Flipkart leading to nothing. I'd like to instead raise an issue my brother is facing for last 2-3 years as a starup entrepreneur that media rarely writes about.
Every year as entrepreneurs or startups raise money, generally they raise at a premium to last round. Automatically they get an income tax notice 143 asking for appearance before an income tax officer.
ITO asks them for all kinds of details, harassment happens, hearing keep happening 3-4 times with ito even asking for entrepreneurs personal bank account if they are doing fradulent transactions. its a mess. added cost, strain on time
no start up india, no finance ministry has been able to do anything. no media writes about it. Why??
Assumption is entrepreneur is chor, he has to prove otherwise.
last time he was here was saying should i shut down and move.
Time to reflect for the powers in this circle and members. more
Every year as entrepreneurs or startups raise money, generally they raise at a premium to last round. Automatically they get an income tax notice 143 asking for appearance before an income tax officer.
ITO asks them for all kinds of details, harassment happens, hearing keep happening 3-4 times with ito even asking for entrepreneurs personal bank account if they are doing fradulent transactions. its a mess. added cost, strain on time
no start up india, no finance ministry has been able to do anything. no media writes about it. Why??
Assumption is entrepreneur is chor, he has to prove otherwise.
last time he was here was saying should i shut down and move.
Time to reflect for the powers in this circle and members. more
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Oct 31
OK - So I gather - Shri P.K. Keshap & Shri Venkatachalam Lakshminarayanan - It is ok to structure laws and regulations and questioning which automatically assume that every businessman is a fraud/cheat and he/she should be taken to be one till he/she proves himself innocent !!! That is in effect what you both are saying !!! This I gather is the point that Aditiji was making if I am not mistaken ! more
Aug 07
THE AMERICAN WAY TO PROTECT YOUR DIGNITY AND DREAMS........https://www.walmart.com/ip/AB-Arms-MOD-X-Gen-III-Modular-Rifle-System-308-Black/45911160?variantFieldId=actual_color more
Aug 06
Aditi Mitra... I am confronting your reply. It is good IT issues notice and ask for the income earned details. It is good in the interest of mass public. because companies...collect money...spend...finding difficult to meet out the expenses... become sick and vanish from the scene. the loss is to the mass investors. why new starting companies at the IPO they charge exhorbitant premium on Rs.10/- facevalue share. New company should not charge any premium. because they have run business, shown profit. because just they have started the business they want premium for their company shares. It like that every house owners want to sell their houses at the very higher price than his neighbour, forgetting the age of property, location, advantage and disadvantages of the floors, conditions of the flat/house. depreciation value. etc., to appoint and give employment the govt, the employer see so many factors, especially the age of a person, but we never see the age of a flat/house of the property and how strong is the building and for how many years in future the property will stand solid and good. For a car (which is costing Rs.4 lac) we have depreciation, but we never apply depreciation value to the property. The value of human value is going on decresing by the passage of time, but the value of house property is always increasing by the passage of time. what a logic. the house is living longer life than the human being living inside. Properties Jaya HO more
Aug 05
Aditi Mitraji I agree with your grievance. You may be very very honest person and hence raising this grievance. But what about Chit Fund Companies? In a year's time, they loot the public in crores and run away. Income Tax Authorities do not have any criterion to filter the character of the people behind start-up. Second case is that of Liquor Vends. Liquor vends are auctioned for one year. After one year, their licenses expire automatically and re-auction is done. New auction, new owner, new investment. Old owner becomes untraceable. Which tool can help Income Tax authorities to trace such wilful defaulters. It is therefore ensure by issuing notice u/s 143 of IT that how much money has been mopped through personal or public sources. And whether money is tax paid or dirty money. I hope you will love not to have dirty money in your brother's start up. more
Aug 05
