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 :: empanelment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARDS :: due date for vat payment :: VAT Audit :: ACCOUNTING STANDARD :: form 3cd :: VAT RATES
 
 
« General »
  Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 30, 2016)
 Cases for tax scrutiny will be selected by machines
 Time to revisit 1997 direct tax rates, says P Chidambaram
 Lok Sabha passes Bill to tax black money deposits post demonetisation
 Last day to pay property tax with old notes
 Income tax department asks IDS declarants to pay tax by 30 November
 Why PM Narendra Modi must beware of the breathtaking Arthakranti tax
 Japanese firms seek easing of restrictions on funding in India
 Tax on black money: How the cookie will crumble
 Income tax officials say raids on jewellers based on 'credible intelligence' proving fruitful
 Exchange window being misused, government forced to reduce limit to Rs 2000, says Arun Jaitley

Income - Tax dept seeks former SEBI chairman CB Bhaves tax returns details
May, 16th 2011

Weeks after stepping down as chairman of capital market regulator Sebi, CB Bhave has been asked by the Income-Tax Department to provide details of his tax returns prior to taking up the assignment, raising concerns about the timing and the government's motive.

"The queries are about tax returns," said a person familiar with the matter. The person declined to divulge more information or what prompted the tax authorities to seek details of past filings years later.

The tax authorities are also examining the veracity of complaints against two current Sebi board members, an official in the I-T Department said.

This probe is not related to the communication sent to Bhave. The action is bound to be perceived by some as targeting Bhave whose relationship with some officials of the finance ministry is widely believed to have been rocky. The ministry told Sebi to examine anonymous complaints against some of the full-time members of the Sebi board.

Bhave, a civil servant, was the Sebi chairman between early 2008 and February 17 this year.

The tax department has the legal right to ask questions relating to tax filings on the basis of third-party information or on a anonymous complaint. But, anonymous complaints are acted upon by the department only if is it verifiable.

The last stages of Bhave's three-year tenure was marked by controversy. Bhave was not granted a five-year term in office even though the government had initially approved a two-year extension.

In 2010, Bhave and the chief of the insurance regulator Irda were involved in a turf war over the regulation of Ulips, an insurance product with a substantial exposure to stock markets. The government decided in favour of Irda by passing a legislation that reaffirmed its authority. Bhave who is known for his integrity had also angered the mutual fund industry after Sebi abolished entry charges for investors.

Bhave's Final Years Controversial

The Central Vigilance Commission - a body set up by an Act of Parliament that oversees police units such as the CBI - does not ordinarily encourage anonymous complaints against officials and action based on such complaints.

The last stage of Bhave's three-year tenure was marked by controversy. Bhave was not granted a five-year term in office - in which case he would have left in 2013 - even though the government had initially approved a two-year extension.

Bhave had consented to a fresh two-year term but the proposal to grant an extension was first put forward and then withdrawn by the finance ministry in 2009. Later, in 2010, Bhave and the chief of Insurance Regulatory & Development Authority (Irda) were involved in a turf war over the regulation of unit-linked insurance plans (Ulips), an insurance product with a substantial exposure to stock markets.

The government decided in favour of Irda by passing a legislation that reaffirmed its authority. During his tenure Sebi rejected a proposal from MCX-SX to set up a new stock exchange. MCX-SX has challenged the decision in Bombay High Court. Bhave, who is known for his integrity, had also angered the mutual fund industry after Sebi abolished entry charges for investors.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

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