Date: June 5, 2009 Time: 10:15 AM
Location: Salt Lake Office, Kolkata – Conference Room
The sun shone brightly through the tall glass windows of the Salt Lake office, casting a golden glow across the sleek conference room. The air-conditioning hummed softly, battling against the dry summer heat that had already begun tightening its grip on Kolkata. The faint aroma of freshly brewed coffee lingered in the room, a silent witness to the gravity of the meeting about to unfold.Aritra sat at the head of the polished wooden table, fingers tapping lightly against the armrest of his chair. His gaze flickered across the large projector screen, where a spreadsheet filled with rows of revenue, expenses, and tax calculations was neatly displayed. Today wasn't about innovation or technology; today was about corporate responsibility and financial reality—tax filings.His financial director, Rakesh Mehta, a meticulous man in his late forties with graying hair and a sharp analytical mind, adjusted his glasses before clearing his throat. "We have to finalize our corporate tax filings today. The numbers have been cross-checked, and I will present the final financial breakdown for approval before submission."Aritra gave a small nod. "Go ahead."Rakesh clicked on the first slide, and the revenue figures from the last six months flashed across the screen. The Nova One had surpassed all expectations, and the company's earnings had skyrocketed beyond initial projections.
Company Financial Report (October 2008 – March 2009) Total Revenue from Nova One Sales: $3.25 billion Other Income (Investments, Royalties, etc.): $120 million Total Revenue: $3.37 billion
Even though the revenue was immense, scaling up a company of this size came with equally staggering costs. Manufacturing, logistics, R&D, marketing, and employee salaries had eaten into the profits, but even after accounting for all operational expenses, the net profit before tax stood at $1.3 billion.Aritra exhaled slowly, absorbing the numbers. The company had grown into a behemoth in just a few months. This wasn't just about running a business anymore—it was about maintaining a financial empire.Rakesh adjusted his tie before continuing. "Since we are officially registered as a domestic company in India, our taxable income falls under the 30% corporate tax bracket. That means, without deductions, our corporate tax liability stands at $390 million."Aritra leaned back in his chair, his expression unreadable. "A hefty sum."Rakesh smirked. "That's the price of success."One of the junior accountants, Meera, hesitated before speaking. "Sir, we do qualify for some deductions that can lower the overall tax burden."Aritra's gaze sharpened. "Show me."Meera quickly pulled up the next slide, which listed the company's eligible tax exemptions and deductions.
Applicable Tax Deductions and Exemptions R&D Tax Exemption for Technology Firms: $45 million Export-Oriented Unit (EOU) & SEZ Tax Benefits: $30 million Depreciation Allowance on Equipment & Assets: $25 million Total Deductions Applied: $100 million
With these deductions, the final taxable income was adjusted to $1.2 billion, bringing the final corporate tax amount to $360 million.Aritra studied the numbers carefully, his fingers lightly tapping against the table. "So, even after applying every possible deduction, we still owe $360 million?"Rakesh nodded. "That's correct."Aritra sighed but didn't hesitate. "Proceed with the filing. I want everything clean—no loopholes, no unnecessary exemptions. Make sure we don't attract any scrutiny from the tax department."Rakesh smiled approvingly. "That's a good approach. I'll finalize the submission today."Aritra's mind, however, was already moving ahead. He had always planned for this—massive success meant massive responsibilities. This was just the first tax filing of many, and he had no intention of getting caught off-guard in the future."From now on," he said, looking at Rakesh, "we will set aside tax reserves quarterly. I don't want last-minute calculations. I want an automated system that ensures we are financially prepared for every fiscal cycle."Rakesh nodded, already making a note in his ledger. " I'll implement it immediately."The meeting wrapped up, but Aritra didn't move. He remained seated, eyes still locked onto the spreadsheet on the screen. $360 million in taxes. A number so absurdly large that just five years ago, he wouldn't have believed it was real.And yet, this was just the beginning.He had bigger plans, bigger ambitions, and now, with the financial foundation secured, it was time to push forward.The Nova One was just a stepping stone. The world hadn't even begun to see what he was capable of yet.And they would.Very soon.