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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Direct Tax »
 CBDT asks to Pay Third Installment of Advance Tax by Dec 15
 TDS system helps taxmen detect Rs 10 crore GST evasion in Karnataka
 No need to generate slip! From bank ATM to Aadhaar, 5 steps to tax redemption Income Tax Return (ITR) filing
 Income Tax Return (ITR) filing alert! These errors are in your ID? Do this ASAP or you will be trapped
 TDS deduction under section 194A of the Income-tax Act, 1961 in case of Senior Citizens
 Income Tax payers alert! ITR filing process set to witness unprecedented change – What CBDT chairman has confirmed
 ITR forms will soon be pre-filled for you: CBDT’s Sushil Chandra
 I-T dept working on pre-filled income tax return forms, says CBDT chief Sushil Chandra
 Big changes coming, will tax rates be cutIncome tax return
 Notification No. 78/2018 - Customs Central Board Of Indirect Taxes And Customs
 CBDT allows taxman to widen certain 'limited scrutiny' cases

HDFC Bank says got an Income Tax enquiry following Cobrapost expose
June, 28th 2013

Following the Cobrapost expose, private sector lender HDFC BankBSE 1.72 % received an Income Tax enquiry but it was not an assessee in the case.

"Yes, there was a tax enquiry and they had detailed discussions with our people concerned and the tax authorities are satisfied with our responses," bank chairman C M Vasudev told shareholders at the bank's annual general meeting here.

HDFC Bank Managing Director and Chief Executive Aditya Puri, however, clarified that the bank had appeared before the Income Tax department as a witness, and not as a tax assessee.

"We have met the tax authorities. Please remember, we have not met them as a tax assessee, we have met them as a witness," he told reporters.

The Cobrapost expose purportedly showed officials of the country's top three private sector lenders -- ICICI BankBSE 2.12 %, HDFC Bank and Axis BankBSE 1.22 % -- offering services which violated the existing money laundering and `know your customer' norms.

Following this, the I-T department had sent notices to all the three lenders, seeking explanation on their positions for possible tax evasion.

Answering a query regarding the impact on the business of the bank, Vasudev said, "I don't imagine that genuine sort of business should get affected," adding that only the numbers posted next year will show the results.

He said the bank has a whistleblower policy in place and all the cases which come under that are seriously looked into.

Puri said the bank plans to open 300 branches on top of its over 3,000 already operating branches this year and added it takes up to three years for a branch to break-even.

Around 53 per cent of its branches at present are in semi-urban and rural areas, Puri said, adding the proportion will go up this year.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Sitemap

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