Finance Forward

I conducted my first survey as an Authorised Officer in Nov'12. - Scintillating Experience.. I was very apprehensive in the beginning as anyone else would be. In the very first place, i wasn't knowing as to how to prepare a Sat Note. Then i called up some of the senior Officials whom i met during 2nd OJT. Everyone reiterated the same fact again and again that - "Move out of the office and visit your jurisdictional area". That was the time i decided to move out and went for the recce. The case related a big builder in Mumbai. I visited their site offices in Thane and also the Corporate office in Mumbai disguising my identity (as Jasbir Singh, Inderjeet Singh etc etc....).   Howver, on the date of survey, i realised that my recce was misdirected. During recce, i was basically looking for 'on money' transactions. I had infact visited and talked to one of the Property dealer also about this group whether they take any cash or not. But everywhere i was ...

This meeting with the closest associate of HARSHAD MEHTA left me pondering over the fact that how one man baffled the entire country's financial market and leading to such a huge impact. This person named Mr. Biyani (name changed for identity purpose) was the only one who could enter Mr. Harshad's room without knocking the door. Biyaniji happens to be my assessee. He narrated me the story of early 1990s when he and Mehta's other associates used to trade in the Bombay Stock Exchange (BSE). It used to be an open outcry system. However, with the fall of Harshad Mehta came the dark nights for Biyani. It would not be appropriate to discuss Biyani's case but yes meeting was mesmerizing.

   The experience in mumbai has been phenomenal. Initially, it was appearing to be very difficult to acclimatise with d situations here. Everything seemed to be very fast. People seemed to be running from pillar to post least concerned about each other. But without fail, everyone says one thing about Mumbai that soon after 5-6 months, one automatically starts liking the city. Mumbai was my first choice of posting and on the basis of Departmental ranking, i happened to get my first choice. Its cool. I am very much new to this city. When the orders came after AGT, it was known that i was getting City 12 and my office would be the main Head Office - Ayakar Bhavan, Churchgate. It sounded very appealing to me.    Then on 18th April, 2012, we all (21) were suposed to join there. However, somehow 4 of us got a bit late on that day so we happened to join on 19th april at the DCIT(HQ) office at ayakar bhavan attached to CCIT(CCA), Mumbai. We got the designation of Assis...

Finally, Our 2nd Departmentals have commenced. Ironically, when i wrote the last exam (Pub Admn) of my last mains, i declared it everywhere that this was my last exam and i do not have to study anymore. But after entering these Services, i have realized that Study is never gonna stop. Income Tax Personnel needs to study the most. Even after they take up the field postings, they always have to remain updated vis-a-vis various Circulars and Notifications from CBDT (You also have a choice not to study, but at your own risk).  Hopefully, there are no more exams after these during the course of the training. The Bharat Darshan is also starting from 17th of this month. The postings should come by the end of this month. The Valediction is on 16th April 2012. I just love all of it.  Cheers..!!

Vodafone case: Supreme Court finally decides that Vodafone cannot be taxed here - Moneylife Personal Finance site and magazine

Friends, During my 2nd OJT at Faridabad, we went for a Survey in 4 different groups. Around 8 people were there in each team with Police personnel. We took the entire premises under our control as soon as we reached there. The assesse was a Jeweller. We searched the entire premises and checked the back door, if any. All the mobiles were taken into our custody. The assesse was taken by a shock. He suddenly insisted upon calling up his business partner. However, despite repeated calls, the Partner did not turn up. Then, in general, certain preliminary questions were asked from the assessee viz. ·          Do you trade only in gold ? ·          How much gold stock do you have ? ·          From where do you purchase ? ·          Who’s your CA ? ·          What is your main wo...

Hey,    Our 2nd On the Job Training have just begun from yesterday. I have opted for Faridabad station.  Early in the morning yesterday, we called on the CIT (Faridabad) - Shri R.K.Bajaj, JCIT Range II Gurgaon – Shri Sampoornanand, ACIT(HQ) and OSD Range 1 Faridababd – Shri Parikshit Singh and other officers and staff members. During the day, we also met CIT(A) – Shri Amarveer Singh. We were given an overview of the working of income tax department in Faridabad and Gurgaon region. Various initiatives like Document management solution and CCTV cameras were talked about. The CIT sir happened to be the person under whose leadership the PAN cards got introduced in the country. He told us that they were first conceptualized in 1969. We also discussed certain problems pertaining to ITD software that the department uses.    In the Office overview, we were shown how the office numbering was done e.g. TN R – 09 means Third floor, North Hall, Room no. – 09. The...