Re: Reality
by iota on Feb 24, 2010 03:03 PM
Self Employment inspite of all the flowery words, is actually looked down upon, and is full of Red Tape when done legitimately.
This is the reason, there are almost no genuine entrepreneurship in India.
Re: Re: Reality
by Hoodibaba on Feb 26, 2010 06:02 AM
The legitimacy shud make your documentation a breeze, why you worry. Converse may not be true, that is if you have all documentation, your business may not be fully legitimate. Ex: Satyam Raju
Re: Reality
by common sense on Feb 25, 2010 10:36 AM
Then why dont you register your business? You dont want to account for your income because you dont want to pay tax. Still you expect bank to lend you; You mean, because you are such a "Satya Harischandra" that banks should take your word as basis for your income; Get real man; every honest businessman should keep records of their income, get a CA, prepare a balance sheet and profit and loss account; that will not only enable them to have a documentary proof of their business transactions, they can runs a business in a more structured way. Without understanding dont make statements like "Indian Banks are documentation driven, just like government of india" etc.
Re: Re: Reality
by iota on Feb 28, 2010 05:58 PM
Dear Chartered Accountant or rather Middle Man, i can understand your blood sucking concern.
The problem is all govt. departments are full of red tape and corrupt. RTO offices do not move a file unless one of your middleman brothers is used to bribe them.
Businesses are not created to deal with red tape, they exist for fulfilling legitimate needs, no illegitimate ones under the garb of clever laws.
Only documentation is not enough for getting home loan. It is something "else" which enable you to get home loan from LIC housing or any other nationalized bank. It is ironical that financial institution think that you must be financially sound if you want to have a home loan. Yes, if want to do something “else” then all rules and regulation remains in paper only . I must say Govt. of India should feel oblige by the self employed people who never demand any job from the government and pay their taxes regularly.
