We had heard : Too much analysis, produces paralysis
Now, we have a proof !
There is barely enough time , either for BJP or for Congress
, to incorporate my suggestion in their Election Manifestos
Since the forthcoming election will be fought on the main
plank of " JOB CREATION " , parties may ignore this at their own risk
!
Fayaa Laare
(
from Burmese language : loosely translated as “ God has arrived “ )
For
the Start Up eco-system , this could be paraphrased as “ Prabhu has arrived “
Only
yesterday , Shri Suresh Prabhu posted many tweets re the relaxation of rules /
norms governing the Start Ups
Following
news report provides the details :
Highlights :
·
Startups with sales of up to ₹100 crore—earlier, the
exemption limit was ₹25 crore—would
be eligible for angel tax relief
·
An entity will be considered a startup for up to 10 years from the date of
incorporation, up from the earlier seven years
· Under the new rules, startups will be kept out
of the purview of an anti-tax evasion provision in the Income Tax Act, 1961
=========================================================
Will
this relaxation unshackle the Start Ups to create millions of “ Self Employed “ ?
(
- essential, considering that neither the Private Sector , nor the Public
Sector , nor the
Governments can create jobs
for 12 million youth joining our work-force, each year )
What is the way out ?
I
urge Shri Prabhu to consider my following suggestions ( earlier sent as E Mail to Cabinet Ministers , 3 years ago ) :
A NEW
ECONOMIC ORDER ? aka " Start Up Act - 2015 " [ 12 sept 2015
]
# Objectives of the Act
Every
year , to create 5 million Start Ups , each employing 2 persons , for a
total of 10
million new jobs per year
# Methodology
·
Instead of Companies Act - 1956 , these Start Ups will be
governed by the Start Up Act - 2015
·
A Start Up can be launched by any Indian citizen under the age
of 30 ( covering roughly 65 % of our population )
·
A Start Up will need to register online on the web site of the
Income Tax Department and obtain a unique " Start Up Number"
·
Although all Start Ups will need to file annual Income Tax
returns ( with full disclosure of income / expenses / profits / sources of
funds etc ) , it will not
be required to pay any Corporate Income Tax for the first 10 years of
its existence
·
A Start Up will be free to raise funds from any source (
Individuals / Companies / PE funds / VCs / Angel Investors / Religious Trusts
etc )
·
100 % FDI will
be permitted in Start Ups
·
A Start Up can receive loans or equity and be able to accept fixed deposits . It can
also give loans to individuals or other Start Ups or invest in other Start Ups
by way of equity
·
There will be no
restrictions on what interest ( on loans / FDs ) that a Start
Up may pay nor any restrictions on dividends it may declare
·
The dividends declared by Start Ups will not attract any Income Tax
·
As far as the persons / companies etc providing funds to Start
Ups ( by way of loans or equity ) is concerned , no questions will be asked re their source of
funds
=========================================================
Readers
may want to look up following 25 Emails sent so far over
the past 3 years to Cabinet Ministers :
=========================================================
Dear
Shri Prabhuji,
Since
I am also sending this mail to the Manifesto committee of the Congress , BJP
runs the risk of being “ also ran “ !
PS
:
Incidentally
– and refreshingly - Congress Committee acknowledges every single emailed
suggestion , whereas none ( out of over 1,000 emails ) of my emails to the
Cabinet Ministers over the past 4 years , have been acknowledged !
=========================================================
20
Feb 2019
Rsvp
: hcp@RecruitGuru.com
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