Sebi would not like to get into turf war over directing examiners: Ajay Tyagi

Controller inside its privileges to make a move against review firms, says Sebi Chairman

Ajay Tyagi, executive of the Securities and Exchange Board of India (Sebi), on Wednesday said that the market controller would not like to get into a “turf war” over directing reviewers. He said that Sebi couldn’t enable substances to review recorded organizations on the off chance that they didn’t play out their obligations appropriately.

Naming review firms as significant guardians, the Sebi boss said that they should be considered responsible if slips are found in evaluating recorded firms. “Our position is extremely basic on the off chance that they are examining recorded organizations, in view of which financial specialists base their choices. In the event that we find that the work has not been done appropriately, at that point to financial specialists’ greatest advantage, the review firms ought not be permitted to review recorded organizations for quite a while. We are well inside our parliamentary command to see that they don’t do it and in the event that they wish to challenge that, we will challenge it as well,” Tyagi said while tending to a gathering of the Association of Investment Bankers of India (AIBI).

The remark accept importance as the Securities Appellate Tribunal (SAT) had as of late seen that Sebi had no capacity to suspend evaluators from reviewing the books of a recorded organization. The perceptions were made during the knowing about an intrigue documented by PwC in the Saytam bookkeeping outrage. Sebi has tested the SAT request 

Demonetisation effect: Advance tax collections up 42%, returns filed up 25%

Returns filed by this date stood at 28.3 mn against 22.7 mn in corresponding period of 2016-17

The effect of demonetisation was clearly seen in the growth of returns and taxes paid by individuals by 5, the extended deadline for filing income tax returns.

The number of returns filed by this date stood at 28.3 million against 22.7 million during the corresponding period 2016-2017, registering an increase of 24.7 per cent. The growth in the same period last year was 9.9 per cent.

The growth in returns filed by individuals is 25.3 per cent with 27.9 million having been received up to August five against 22.3 million in the corresponding period of FY 2016-2017.(economy news)

"This clearly shows that a substantial number of new tax payers have been brought into the tax net subsequent to demonetisation," the Central Board of Direct Taxes (CBDT) said in a statement here.

The effect of demonetisation is also clearly visible in the growth in direct tax collections.

Advance tax collections of personal income tax showed a growth of about 41.79 per cent as on August 5 over the corresponding period in FY 2016-2017. Personal income tax under self-assessment tax (SAT) grew at 34.25 per cent over the corresponding period in FY 2016-2017.

"The figures amply demonstrate the positive results of the Government's commitment to fighting the menace of black money. CBDT is committed in its resolve to eradicate tax evasion in a non-intrusive manner and widening of tax base," the statement said.