Tuesday, July 24, 2012

Face to Face with Harshad Mehta's Associate

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.

Saturday, July 14, 2012

Mumbai Posting

   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 Assistant Commissioner of Income Tax (ACIT-OSD). The proper designation actually was ACIT (OSD), UOP - Under Orders of Posting. The actual internal orders took a bit of time somewhere around 3 weeks. When the orders came, i was posted to Circle 12(2). This moment was very exciting. I was about to get my room in the office. Then only i came to know that City 12 is a model charge in Mumbai wherein the Officrrs get their single room. This appears to be a luxury to me. I was even more thrilled. I took charge on 22 May 2012, the first day when i sat on the chair which was official. There is immense interaction with the public in the income tax department. The only difference is that here we happen to interact with people belonging to higher echelons of society. My Circle happened to have assessees speaking flawless flamboyant english. I was pretty impressed.

   The most significant thing to note is that EVERYDAY IS A DECISION MAKING DAY! !!! I have realised that if we take appropriate timely decisions, the grievances of the public will be redressed at large. The major grievances of the people arises because of the fact that timely decisions are not taken on their files. But a huge change is seen these days in the department. People are becoming proactive, Return processing is getting digitized, Refunds are expedited smoothly through refund banker, infrastructure is improving at a rapid pace etc etc. However, soon after one month in this circle, i got transferred to Circle 12(1) within the same City. Its been just 10 days i have begun work here. Notices u/s 142(1) have been issued. The scrutiny season has begun.

Cheers......:-)