Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: TDS :: VAT RATES :: list of goods taxed at 4% :: due date for vat payment :: ACCOUNTING STANDARDS :: form 3cd :: empanelment
 
 
Direct Tax »
 CBDT to waive interest if tax paid in retrospective cases
 New move to settle retrospective tax cases, CBDT offers interest liability waiver to firms
 I-T department guidelines for interest waiver in specific cases offer tax relief
 ICDS provisions to prevail over judicial precedents: CBDT
 CBDT forms committee to check absconding I-T dept officers
 Central Board of Direct Taxes asks taxman to make all out efforts to recover arrears
 CBDT to honour honest taxpayers
 Startups in the docks over marked down valuation tax as March 31 nears
 CBDT asks taxman to make all out efforts to recover arrears
 CBDT chief prods taxmen to buck up, meet recovery target
 CBDT to hold review meeting on PMGKY, tax collection on Mar 17

CBDT: Income - Tax notices to Bhave routine affair
May, 17th 2011

The Income Tax Department has sent notices to former Securities and Exchange Board of India (Sebi) chairman C B Bhave seeking information on his income for the 2009-10 assessment year. But the department termed the move routine matter.

It has also started a tax enquiry in case of two serving members of Sebi.

It said the proceeding had been initiated to scrutinise the tax return of Bhave for 2009-10 assessment year and the case was randomly picked up by the computer. The notices were issued to Bhave on September 14, 2010 and January 24, 2011, when he was at the helm of Sebi.

The department said the move was not intended at harassing or victimising Bhave, and it was not acting upon some complaints against him. It also said there was no link between the on-going tax enquiry and the issue of Bhaves extension.

The tax proceedings in case of Bhave are routine and have no connection with any complaint or his tenure as Sebi chairman, the Central Board of Direct Taxes said in a statement.

About the enquiry on two existing members, it said necessary action was being taken according the law on the basis of complaint received against them.

Bhave was appointed Sebi chairman in February 2008 for three years. Initially, there were expectations that he might get extension, but in January, the government announced the appointment of U K Sinha as Sebi chief for three years.

Bhave was Sebis senior executive director from 1992 to 1996. Later, he became the chairman and managing director of National Securities Depository Limited (NSDL) before coming back to head Sebi.

During his tenure as Sebi chief, he took many tough decisions, including a ban on entry load for mutual funds and raised the issue of jurisdictions over unit-linked insurance products that led to a spat with the insurance regulator.

Last week, a former member of Sebi had alleged that the board of the market regulator abused its powers to protect Bhave from being subjected to any independent inquiry with respect to his actions as NSDL chairman in the IPO scam, which related to irregularities in share allotment in various initial public offers between 2003 and 2006.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions