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: cpt :: list of goods taxed at 4% :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: due date for vat payment :: empanelment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: Central Excise rule to resale the machines to a new company :: form 3cd :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS
 
 
Direct Tax »
 CBDT puts on hold circular on taxation of indirect transfer of shares
 CBDT prods officials to meet tax collection targets
 Budget 2017: Direct tax reforms to be gradual than radical, says KPMG
  FM Arun Jaitley may drop tough tax accounting rules
 FM Arun Jaitley may drop tough tax accounting rules
 How to view your TDS through form 26AS?
 Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961
 Banks must furnish information on accounts that have seen deposits over 2.5 lakh: CBDT
 Govt expects direct and indirect tax targets to exceed budget estimates this fiscal
 Tax recovery from Swedish majors in payment dispute put on hold
 CBDT signs three more advance pricing pacts

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