Café Coffee Day will probe all financial deals allegedly made by VG Siddhartha. The company informed the exchanges it had taken note of a letter purportedly written by the late founder, though it’s “unclear whether these statements pertain to the company or the personal holdings of VG Siddhartha.” The board has appointed independent director SV Ranganath as interim chairman and named Nitin Bagmane group COO even as it evaluates monetisation options to pare debt. Experts expect the entire company to be put on the block because of the uncertainties, with Coca-Cola likely to be a key contender.
While it is an unfortunate incident, I would like to use this opportunity to clarify on a few issues about the purview of Income Tax handling when a large transaction happens. Apparently, there was some mismatch on the amount of tax paid on a large transaction and had to go through substantial harrasment after the fact. But, I am interested in knowing why is there no TDS mechanism in place for such a large deals? After all any stock gains at any Demat account have this TDS collection facility. Unfortunately it speaks of the nightmare of dealing with Indian way of doing things when it comes to banking and taxation. If you can not help somebody to pay you, you have to admit that you do not deserve the money in the first place. You can not be worse than common goondas whatever the law you cite. Needless to say, I am as much concerned about my business given I want to do something good for India, jumping into a quagmire needlessly. "Due process followed" drive anybody nuts when the process itself does not make any sense. Bureaucratic handicaps with basic 4th grade arithmetic, need to be fixed by setting human process right .
While it is an unfortunate incident, I would like to use this opportunity to clarify on a few issues about the purview of Income Tax handling when a large transaction happens. Apparently, there was some mismatch on the amount of tax paid on a large transaction and had to go through substantial harrasment after the fact. But, I am interested in knowing why is there no TDS mechanism in place for such a large deals? After all any stock gains at any Demat account have this TDS collection facility. Unfortunately it speaks of the nightmare of dealing with Indian way of doing things when it comes to banking and taxation. If you can not help somebody to pay you, you have to admit that you do not deserve the money in the first place. You can not be worse than common goondas whatever the law you cite. Needless to say, I am as much concerned about my business given I want to do something good for India, jumping into a quagmire needlessly. "Due process followed" drive anybody nuts when the process itself does not make any sense. Bureaucratic handicaps with basic 4th grade arithmetic, need to be fixed by setting human process right .
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