Startups Under real threat
As reported in news papers and even raised by me in the past, the taxman continues to question startups on valuation justification.
The reasoning - what if these startups are converting black to white.
Startup India officals - in this process even good genuine startups built with blood and sweat are facing harassment. Problem is these startups are not doing anything wrong but cant sustain 3 notices a year. They have got real business to build. Many entrepreneurs compromise career family perks to start something
Pls help find a way out. Can start up india cerificate help. Can other things help so whkle tax men can keep hunting for those shell co. Money launderers, genuine entreprenurs and startupa dont shut down.... more
The reasoning - what if these startups are converting black to white.
Startup India officals - in this process even good genuine startups built with blood and sweat are facing harassment. Problem is these startups are not doing anything wrong but cant sustain 3 notices a year. They have got real business to build. Many entrepreneurs compromise career family perks to start something
Pls help find a way out. Can start up india cerificate help. Can other things help so whkle tax men can keep hunting for those shell co. Money launderers, genuine entreprenurs and startupa dont shut down.... more
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Oct 31
Compliance In India is a real problem because the laws are so complicated that officials have a hundred arms i.e. they can always take out points where you have broken some compliance law ultimately. The fact is that it is difficult to do business in India because of the high compliance cost or then one has to be prepared to face prosecution or a myriad of notices ! Compliance cost in India for the small bsuinessman whether a startup or an old timer is very High ! more
Sep 13
The issue is that the Law & Rules are very clear on the Issue - the requirement is of a "Valuation Report" from a competent (as defined in the Rule) CA and the date of the Report vis-a-vis the Investment as well as Share Issuance. If the process has NOT been followed, why blame the Rule ... If the process has been followed, there is no question which the Tax authorities can raise ... more
Sep 13
As all transactions are getting automatically semi audited (thanks to GST & aadhar linked bank account), it should be other way around responsibility on tax man to asses whether a startup (or any company) is fraud or not. Unless they find sufficient evidence against an entity they should not be allowed to serve notice just on the basis of show cause. more
Sep 13
