Quick Summary
Former Infosys CFO and prominent IT industry veteran T.V. Mohandas Pai has launched a scathing critique of what he terms "tax terrorism" in India, warning that the burden of income-tax oppression is "enormous" and has intensified over the last five years. Speaking at an event held in New Delhi on A
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FAQ :
Mohandas Pai criticises India's tax system as 'tax terrorism' and 'regulatory oppression', stating that the burden on businesses and entrepreneurs has become enormous and intensified over the last five years.
Nearly Rs 30 lakh crore is currently entangled in tax disputes in India, with Rs 15 lakh crore worth of cases pending in court.
Pai stated that eighty to eighty-five percent of the current tax disputes have occurred in just the last five years.
Pai draws a parallel between the post-independence Indian state and colonial rule, suggesting that the government behaves like rulers and implements regulations with authoritarianism, calling it 'brown imperialism'.
Pai questions the effectiveness of India's tax administration, asking how much black money has been uncovered despite significant direct tax collections and questioning the purpose of measures like the Angel Tax.
Pai describes the mindset of financial regulatory bodies like the RBI as believing they are the 'sole saviors of India's economy', viewing everyone else as 'crooks'.
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