India's Tax Assessment System is Broken: Ex Infosys Director Mohandas Pai | The Quint

Corporate India is gripped with fear and the reason is ‘tax terrorism’. #CafeCoffeeDay owner #VGSiddhartha’s note citing the harassment he faced from a senior Income Tax official, has once again highlighted the fear Indian corporates live in. Chairman of Manipal Global Education and former Infosys Director, #MohandasPai, recounted his experience while speaking to The Quint.

Video: The Quint
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[SuperBalaji]

Hats Off for your Bravery Sir!
I thought I was the only one suffering because of weird Income Tax rules.
(Like: In Option Trading, if we lose money and to carry forward loses, it needs to be audited by paying a CA, Rs.25K-30K. Why? When all the trades are done electronically, why should I further spend (after already suffering loses) 25K-30K to prove my loses? Govt can easily verify my loses electronically from their end. Because of this weird rule, many traders who lose less than 2Lakh doesn't even mention their loses. And stop participating in market forever. This further reduces market liquidity, in the end affecting potential tax/hedging opportunities. Thus the vicious tax terrorism cycle)
Now after watching your video, I'm seriously contemplating the idea of settling abroad after achieving a milestone savings amount.
Done with these leeching rulers. And most of all done with those greater unaware public, who keep voting for these leeches just because they speak about patriotism.

[sr.]

Let's all sell tea and fry potatoes, the dream of new India

[dheerain]

Really appreciate the quint to take this very serious matter and cover these stories.
None of the other news channel has guts to talk about that. We need to pressurise the govt fix this broken system.

[hela]

Seems to me, they are selective in whom they target .

[devdarshan]

Did not know this is how tax system works in India . thanks for sharing I formation sir .

[AbdulRehmanAbdulAziz]

Wrong people in power, poor people to rich people every one suffering

[sharmakingarun]

Sir, you really think the Govt. Will give you justice?? This is what happens when you give such a large majority to single Govt.

[PunithShivanna]

If this video is shown to Mr. PM, I think he will nt even understand a single word wt mohandas pai said. He is such a puppet f Amit Shah nd RSS. Totally uneducated PM India has seen.
#aache din agaya hai.

[zameerullashariff]

Had to close down my business due to tax harassment 🙁🙁

[AKCHINAEXPLORER]

Perfect dear sir Mohandas Pai you are a true INDIAN Salute you sir.

[mohan]

The department has become a tool of extortion.

[krishnakatikitala-bwxo]

Corporate India deserve such treatment for funding BJP so no sympathies just shove it up your....

[justinthomas]

India ' s voice has been shut down because of Modi government.
Because of this this government, India has lost its democracy and has become a dictatorial country.
Today the voice of Indians has been shut down, you speak against the government they'll either harass yoo or either kill you.
Is this democracy? Modi has shut down the voice of India without even letting us know.
AB TOH JAAGO. Hit like if u agree👇👇
#bringdemocracyback

[RohitJain-kilp]

Many are falling in the "tax trap" due to illogical/inconsistent assessment by the decision makers and so on, hence such incidents.
Please share this video to inform more people about the conditions of businessmen.

[adarshpednekar]

Something as grave as this can never be understood by a layman in our country; Professionals like Chartered Accountants should step up against such practices. Feels terrible to hear existence of such malpractices at such a macro level.

[kamatchinmay]

As a chartered accountant, I agree with what Sir has said. The idiocy starts with the parliament, which enacts bad laws, which are eventually struck down by courts. But in the meantime, the taxpayers have to suffer.

[kumudwathivemanna]

True. As CA sometimes I feel like giving up practice. They openly ask money. I asked why you are not taking my submissions in tapal he told if speak more I will pass adverse orders.

[VeraHolm]

The right wing is without liberal economics, note.

[musleemhv]

Democracy & the constitution at the mercy of wrong people in power, this is the beginning of weakening of human rights & justice system in India

[---ghsthenkurissi---]

Truth I congratulate pai for speaking up