Former Infosys chief financial officer and IT industry veteran Mohandas Pai has slammed “tax terrorism”, saying the income-tax oppression is “enormous”.
“Today, there is Rs 30 lakh crore of tax amount stuck up in disputes, Rs 15 lakh crore for which the cases are in court. Of this, 80-85 percent happened in the last five years,” Pai said during a panel discussion at the Rising Bharat Summit in New Delhi on April 9.
Pai said he has been in business for 40 years and has faced “regulatory oppression” in all these years, adding “brown imperialists” took over from the British after independence.
“We are subjects and victims of government in Delhi and Bangalore and other places because they think they are rulers and we are their subjects and victims. And that wears off into regulations,” the Aarin Capital Partners chairman said.
“(Arun) Jaitley promised us in 2014 that he is going to stop tax terrorism but unfortunately, the finance minister has given more power to the tax authorities to oppress us than any finance minister has in the last 35 years,” Pai said. He was referring to former finance minister and senior BJP leader Arun Jaitley who died on August 24, 2019.
Pai said the government has collected Rs 75 lakh crore in direct taxes in the last four years, but wondered how much black money has been found.
“In the last four years, we have collected Rs 75 lakh crore in direct taxes. How much of black money have they found? How much is the tax they have collected for black money? We had Angel Tax for 8 years…Every time they change a law, they give more powers (to tax authorities).”
Because the political establishment is very weak, it does not look at all at this. The saddest thing for this country is tax oppression, Pai added.
“The RBI, the people in Mint Street, think that they are the only people saving this country from all the marauders outside, who want to take away India’s foreign exchange. And everyone is a crook in this country except them.”
Source from: https://www.moneycontrol.com/news/india/mohandas-pai-says-income-tax-oppression-has-increased-12989605.html
