Stop harassing startups
The taxman in this country will drive every good startup out of the country if things continue as they are going on.
Many income-tax officers are continuing to misuse Section 56(2) viii(b), an “anti-abuse” clause and demanding that investments at a premium be “explained” to the satisfaction of the taxman or they will be treated as income.
The Govt urgently need to devise a way to identify illegitmate investments versus harassing genuine startups. Most startups dont have where with all to put up with the harassment. They will just shut down and those with money will quietly move abroad and the loss will be hours.
The startups that are working to provide low cost healthcare, low cost air purifiers or recycle left over food and many others will become singaport mauritious and silicon valley companies soon. more
Many income-tax officers are continuing to misuse Section 56(2) viii(b), an “anti-abuse” clause and demanding that investments at a premium be “explained” to the satisfaction of the taxman or they will be treated as income.
The Govt urgently need to devise a way to identify illegitmate investments versus harassing genuine startups. Most startups dont have where with all to put up with the harassment. They will just shut down and those with money will quietly move abroad and the loss will be hours.
The startups that are working to provide low cost healthcare, low cost air purifiers or recycle left over food and many others will become singaport mauritious and silicon valley companies soon. more
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bureaucrats will not change colours easily. best thing is to divest them of such powers as much as possible. Also we do not have the attitude of celebrating others successes like americans do. Crab mentality. more
Dec 02
First of all Income Tax Department should define what is mean by "Illegitimate Investment" . For a Lay Man it is investment comes from Shadow Economy or Parallel Economy / Un Accounted Economy !. That means the effort taken by the Finance Ministry of India through "Demonetization " to wipe out Shadow Economy could n't become completely a Success. Then arises the question which are the organisations to implement the decision of the Government to make "Demonetization" a Success ? Obviously they are "Banking and Financial Institutions in India. Therefore if " Demonetization " is not a success , it is due to the non cooperation Banking / Financial Institutions in India to the Finance Ministry's decision to go for " Demonetization". On another side even after implementation of G S T ,still Tax Evasion is taking place , which further creates Parallel Economy . A solution to this long lasting problem can be arrived at only if the Officials of Indian Banks and Income Tax Department come out of their experience and think in an unusual way. God only knows when that " Mental Aberration" is going to take place !. more
Dec 02
