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<a href="http://www.businessinsider.in/searchresult.cms?query=Finance+Ministry&amp;sortorder=effectivedate">Finance Ministry</a> has finally decided to consider <a href="http://www.businessinsider.in/searchresult.cms?query=India+Inc&amp;sortorder=effectivedate">India Inc</a>’s pleas to abolish the Income Computation and Disclosure Standards (ICDS). <a href="http://www.businessinsider.in/searchresult.cms?query=IDCS+&amp;sortorder=effectivedate">IDCS </a>came into effect from the financial year commencing April 1, 2016 (FY2016-17). 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Budget+2017&amp;sortorder=effectivedate">Budget 2017</a> is also likely to light up the road for transition towards a new accounting year - January to December - instead of the currently prevailing 12-month period starting on April 1 of one year and ending on March 31 of the next calendar year. 
 
According to a report by the Justice Easwar-led committee on I-T simplification, ICDS has drawbacks. In the report, it told about multiple accounting methods - one for the books of accounts (under the Companies Act) and the other for tax purposes (ICDS) create confusion, interpretation issues, and additional compliance burden, which may outweigh any gains to be obtained. It had called for a further study of implications. 
 
“ICDS is not in line with fundamental principles of accounting and taxation, viz: prudence, materiality and accounting of foreseeable losses. In several situations, this results in advancing the recognition of income or deferring recognition of expenses or losses - both of which have a potential tax impact (see table)," Ameet Patel, chairperson of the taxation committee at <a href="http://www.businessinsider.in/searchresult.cms?query=Bombay+Chartered+Accountants%27+Society&amp;sortorder=effectivedate">Bombay Chartered Accountants' Society</a> (BCAS), told ET. 
 
BCAS is one of the many associations that has represented to the government for scrapping of ICDS. 
 
For the purpose of computing advance taxes and also for filing of I-T returns, taxpayers have to adopt ICDS. The due dates of the returns for the <a href="http://www.businessinsider.in/searchresult.cms?query=FY2016-17&amp;sortorder=effectivedate">FY2016-17</a> - the first year of application of ICDS - fall in the second half of 2017 onward. These standards apply to all taxpayers who follow the mercantile system of accounting for computing income under the heads 'Profits and gains from business and profession' or 'Income from other sources'. 
 It is mandatory for <keyword id="46431" type="CITY" weightage="20" keywordseo="India-Inc">India Inc</keyword> to follow the mercantile system. Also, individuals and Hindu Undivided Families are exempt from application of ICDS if they do not fall in the category of those who have to get their accounts audited for tax purposes. 
 
Taxpayers are already facing challenges relating to adoption of ICDS and its abolition will be welcomed. 
 
"Indian Accounting Standards (IndAS), introduced by the ministry of corporate affairs, are already in place for larger listed companies. From April 1, 2017, their ambit will be wider. IndAS is closely aligned to international accounting standards and already serves the objective of real-time disclosure and accounting of income. Thus, there is no plausible reason for introduction of ICDS and adding to the administrative burden of India Inc," Sudhir Kapadia, tax leader at EY India, told ET. 
 A committee led by former chief economic adviser Shankar Acharya recently submitted its report to the <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">finance ministry</keyword>, advocating adoption of the calendar year as the accounting year. 
 
"With introduction of <a href="http://www.businessinsider.in/searchresult.cms?query=goods+and+service+tax&amp;sortorder=effectivedate">goods and service tax</a> (GST) later on in the year, it is possible that the new accounting year will come into being from January 2019 and not January 2,” it said.

Arun Jaitley may drop tough tax accounting rules in Budget 2017

The <a href="http://www.businessinsider.in/searchresult.cms?query=Special+Investigation+Team">Special Investigation Team (SIT)</a> is leaving no stone unturned to unearth <a href="http://www.businessinsider.in/searchresult.cms?query=black+money">black money</a> and the tax authorities are in a haste to file cases against people having illicit money stashed abroad. Following this, the foreign bank account holders are now under pressure and crowding tax tribunals to either stop persecution or to disclose their names. 
 
However, as per lawyers and chartered accountants, the tax authorities are showing inappropriate haste in filing criminal cases for concealment of income, even when appeals are pending before adjudicatory forums. 
 The name of KK Modi, chairman of Modi group, allegedly appeared in the <keyword id="6358584" type="CITY" weightage="20" keywordseo="HSBC">HSBC</keyword> list after which he moved the <a href="http://www.businessinsider.in/searchresult.cms?query=ITAT">Income Tax Appellate Tribunal (ITAT)</a> seeking a stay on prosecution proceedings initiated against him. Modi denied any comment and said that he was not aware of any such account in any foreign bank which has around Rs 3 crore deposited. 
 As per an <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">income tax</keyword> officials aware of the matter, Modi has paid taxes under protest but refused to sign the consent form. The matter was presented in front of the <keyword id="6402350" type="ORGANIZATION" weightage="20" keywordseo="ITAT">ITAT</keyword> last week and another date has been fixed for the hearing. 
 
Meanwhile, in June this year, the tax authorities issued a show-cause notice, under Sections 276 (c) and 276 (d) of IT Act, for initiation of prosecution proceedings for alleged concealment of income. A questionnaire was sent to Modi's office, requesting a formal response, but his spokesman Harmanjit Singh refused to comment. 
 Modi’s advocate in ITAT, senior advocate Ajay Vohra also refused to comment on the matter. The <keyword id="65338" type="ORGANIZATION" weightage="20" keywordseo="Income-Tax-Department">Income Tax Department</keyword>'s representative questioned the jurisdiction of ITAT to hear the petition by Modi seeking a stay, since the matter had to do with a criminal case. 
 
The representative informed the tribunal that "on the Swiss account, Mr Modi's address is there, mobile number is there, we conducted a search, he conceded and paid taxes but they are refusing to own up the transaction, and also refusing to sign the consent form." However, Modi's lawyer denied owning the account. "When the Swiss account doesn't belong to me, I have no locus to sign the consent form." He also informed the tribunal that his appeal has been dismissed by CIT (Appeals). 
 
However, according to official sources, the ITD had initiated prosecution proceedings against Modi, even before the appeal could be disposed of by CIT (Appeals). 
 
Similarly, in cases of Sanjiv Gupta, Pradip Burman, Rear Admiral PN Aggarwal, all foreign account holders, appeals were pending before CIT (appeals), but criminal proceedings were initiated against them. This issue also figured in Bishwanath Garodia's case, another HSBC account holder, who has got relief from Calcutta high court. 
 
The court order, reviewed by Economic Times says, no steps can be taken against Garodia, "till the appeal pending before the Commissioner (appeals) is disposed of." 
 
On May 7, this year CJM Alipore had issued summons against Bagrodia, on a complaint filed under section 276 (c), by tax authorities. Garodia had claimed that the "issue regarding the alleged concealment of income by the writ petitioner by maintaining an account with HSBC, Geneva, Switzerland is sub judice before the Commissioner (Appeals) Central -21, Kolkata." 
 The high court order also mentioned about an SC observation in Commissioner of Income Tax vs Bhupen Champak Lal Dalal case, wherein the apex court affirmed the order of the <keyword id="48485" type="ORGANIZATION" weightage="20" keywordseo="Bombay-high-court">Bombay High Court</keyword>, staying criminal proceedings. It said, "when ultimately the result to come out of the proceedings before the appellate authorities would have a definite bearing on the cases alleged against the respondents, we find that the high court order is justified in granting the interim order it did." 
 
Image: thinkstock

Black Money: Foreign bank account holders accuse tax authorities of haste in filing complaints

<ul><li>SRBC &amp; CO, an EY affiliated company, is accused of sharing sensitive data over emails and with third parties by Infibeam Avenues. </li><li>Infibeam has its own problems with its stock opening to an 8% dip on Monday after reports of the <keyword id="608402" type="PERSON" weightage="20" keywordseo="data-breach">data breach</keyword> came in over the weekend. </li><li>SRBC &amp; CO is "strongly" denying the allegations while Infibeam is citing "breach of trust" and "loss of faith."</li></ul>A chartered accountancy firm, SRBC &amp; Co — known for being affiliated to Ernst &amp; Young (EY) — is "strongly" denying the allegations of a data breach. But, Infibeam Avenues — a digital company in India that deals with online transactions and e-commerce — is still terminating its contract with the accounting firm, according to stock market filings seen by the <a href="https://www.cnbctv18.com/information-technology/infibeam-fires-auditor-for-sharing-price-sensitive-info-3203941.htm">Press Trust of India.</a> 
 <div type="ExtQuote" text="We strongly deny the allegations against us. We have conducted a comprehensive investigation in the matter and stand by our findings. We are confident of our position and are open to a third party/regulatory inspection in the matter and will respond to the regulators, as required." auname="SRBC &amp; Co Statement"></div>



 Infibeam — a digital company in India that deal with online transaction and e-commerce — informed the Indian stock exchanges that its auditor SRBC &amp; Co, shared unpublished price sensitive information (UPSI) over emails and with third parties not once, but multiple times. And, as the stock markets opened Monday morning, its stock price plummeted by almost 8% to ₹40 per share before recovering. The National Stock Exchange (NSE) and the <keyword id="43628" type="CITY" weightage="20" keywordseo="Bombay-stock-exchange">Bombay Stock Exchange</keyword> (BSE) — two of India’s biggest stock markets — are yet to act on the issue but Infibeam maintains that there has been a breach of trust and loss of faith. 
 <div type="ExtQuote" text="The board was not convinced with the auditor's explanations, processes and conduct leading to unauthorised sharing of company UPSI. Thus in the interest of the company and with board approval, the auditors were terminated." auname="Infibeam Avenues statement"></div>



 The relationship between Infibeam Avenues and SRBC &amp; Co is dates back to the merger between Avenues India and Infibeam. The accused had raised several alarms over Avenues India’s payment gateway. For one, ₹240 million of the <a href="https://m.dailyhunt.in/news/india/english/entrackr+english-epaper-entrackr/auditor+alarms+concerns+over+advance+payments+to+vendors+and+revenue+filed+by+infibeam+in+q3-newsid-109043718">reported</a> revenue by Infibeam in December 2018 actually belonged in the first and second quarters of the financial year according to the auditors asking Infibeam to clarify its calculation processes. Even in the market, things haven’t been the smoothest for Infibeam, where its stock prices <a href="https://economictimes.indiatimes.com/markets/stocks/news/how-a-whatsapp-note-triggers-crash-in-infibeam-avenue/articleshow/66002863.cms">dipped</a> by 75% in the last financial year. After SRBC &amp; Co’s termination, accounting firm Shah &amp; Taparia will continue on as auditors for the company. The public scrutiny has a detrimental effect on SRBC &amp; Co’s reputation as well as EY in light of IL&amp;FS defaulting on its payments to lenders. EY, along with PwC, <keyword id="6358918" type="COMPANY" weightage="20" keywordseo="deloitte">Deloitte</keyword> and KPMG, have been <a href="https://www.livemint.com/companies/news/govt-likely-to-ban-deloitte-for-five-years-for-alleged-malpractice-in-il-fs-accounts-1556425159041.html">asked to refrain</a> from practicing law until otherwise specified as well as disclose all of their financial details and dealings with IL&amp;FS. In fact, the biggest financial scandal of 2018 may end up costing Deloitte <a href="https://www.businessinsider.in/the-biggest-financial-scandal-of-2018-may-cost-deloitte-five-years-of-business-in-india/articleshow/69090512.cms">five years of business in India.</a> See also: <a href="https://www.businessinsider.in/the-biggest-financial-scandal-of-2018-may-cost-deloitte-five-years-of-business-in-india/articleshow/69090512.cms">The biggest financial scandal of 2018 may cost Deloitte five years of business in India</a> <a href="https://www.businessinsider.in/here-are-the-most-controversial-data-breaches-of-2018-that-affected-indian-users/articleshow/67148364.cms">Here are the most controversial data breaches of 2018 that affected Indian users</a> <a href="https://www.businessinsider.in/sbi-data-breach-leaves-millions-of-users-data-exposed/articleshow/67767832.cms">India’s largest bank leaves the data of millions of users exposed</a>

Indian e-commerce firm Infibeam fires its auditor for alleged data breach — stock tanks as much as 8%

<ul><li>RBI approves appointment of <keyword id="1402053" type="General" weightage="20" keywordseo="Ashok-VAswani" source="Orion">Ashok Vaswani</keyword> as the new boss of <keyword id="46013" type="General" weightage="20" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword>.</li><li>Vaswani was initially at Citigroup and more recently, at Barclays and has built and grown global businesses at scale.</li><li>Currently, he is President of Pagaya Technologies Ltd - a US-Israeli AI Fintech.</li></ul> In what is a generational shift, Kotak Mahindra Bank on Saturday said that Ashok Vaswani would step into the shoes of Uday Kotak and take over reins as MD and CEO. Vaswani is a banker who has worked with several large global banks. The move is interesting as the assumption was that an insider would take over the top job. The bank said that the Reserve Bank of India (RBI) has approved the appointment of Ashok Vaswani as the next Managing Director &amp; Chief Executive Officer (MD &amp; CEO). This is for a period of three years from date of taking charge which shall not be later than January 1, 2024. The appointment is subject to shareholders’ approval. Ashok Vaswani has been a career banker for three and a half decades. He was initially at Citigroup and more recently, at Barclays and has built and grown global businesses at scale, nurturing winning teams, establishing transformational partnerships, leveraging forward leaning technology, with a compelling business vision to deliver strong bottom-line growth. Ashok was Chief Executive Officer of Barclays Bank, UK and subsequently CEO of their Global Consumer, Private, Corporate and Payments businesses and Member of the Group Executive Committee. Earlier, Ashok was CEO Citigroup Asia Pacific and Member of the Citigroup Global Operating &amp; Management Committees. He also built and ran various country and regional businesses across geographies. Currently, he is President of Pagaya Technologies Ltd - a US-Israeli AI Fintech. Ashok is also on the Board of the London Stock Exchange Group and the SP Jain Institute of Global Management, UK.. Ashok Vaswani is a Bachelor of Commerce, Economics and Accountancy, from the Sydenham College of Commerce and Economics (Bombay University), CA from the Institute of Chartered Accountants of India, CS from the Institute of Company Secretaries of India and Executive Education from the Stanford University Graduate School of Business. Uday Kotak, the founder <keyword id="19221594" type="General" weightage="20" keywordseo="CEO-of-Kotak-Mahindra-Bank" source="Orion">CEO of Kotak Mahindra Bank</keyword>, stepped down as the CEO on 1 September this year. The assumption was that one of the loyal insiders would step in his shoes. However, Vaswani is an interesting choice because he brings with him significant executional experience with high degree of compliance and industrial strength across Corporate and Consumer businesses. Prakash Apte, Chairman of Kotak Mahindra Bank said, “We are pleased to announce that RBI has approved the appointment of Ashok Vaswani as the next MD &amp; CEO of Kotak Mahindra Bank. Ashok is a global banking leader with a proven track record of building and growing businesses at an international scale and has successfully steered organisations to greater heights. We are confident that Ashok will accelerate change and drive growth at Kotak.” Dipak Gupta, Managing Director &amp; CEO, Kotak Mahindra Bank said “We welcome Ashok to the Kotak family. Ashok brings with him values and experience that align with Kotak’s vision to transform into a tech-enabled, customer centric financial institution for the future. “ Uday Kotak, Founder and Director, Kotak Mahindra Bank said “I am delighted that the RBI has approved our recommendation, Ashok Vaswani, as the next MD &amp; CEO of Kotak Mahindra Bank. Ashok is a world class leader and banker with digital and customer focus. I am proud that we bring a “Global Indian” home to build Kotak and India of tomorrow.” Ashok Vaswani said, “I thank the Board for entrusting me with the responsibility of leading Kotak Mahindra Bank’s journey to the next phase of growth. I am excited and honoured to carry forward the legacy of Uday who has built this world-class institution. With our proven leadership team we will take the Bank to new heights. We will ensure that Kotak Mahindra Bank plays a meaningful role in India’s journey to being one of the top 3 economies in the world in the next 5 years, delivering shareholder value. At a personal level, l am delighted to come back home.”

Ashok Vaswani is new CEO of Kotak Mahindra Bank

<ul><li><keyword id="1402053" type="General" weightage="20" keywordseo="ashok-vaswani" source="Orion">Ashok Vaswani</keyword> is a Stanford graduate who is also a CA, CS and did his Bachelors at Sydenham College of Commerce.</li><li>Vaswani worked with <keyword id="44473" type="General" weightage="20" keywordseo="citigroup" source="Orion">Citigroup</keyword> and more recently, at <keyword id="6386585" type="General" weightage="20" keywordseo="barclays" source="Orion">Barclays</keyword>, where he built and grew the business to a scale.</li><li>Vaswani is obsessed with technology but also focused on earning the trust of his consumers.</li><li><keyword id="45051" type="General" weightage="20" keywordseo="uday-kotak" source="Orion">Uday Kotak</keyword> has roped in an outsider given the extent of the transformation that <keyword id="46013" type="General" weightage="20" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword> will need in times to come when banks will have to fight for wallet share of consumers. </li></ul>Today, you don’t need to step into a bank to make payments, check your balance or even request for a cheque book. That is if you still use those booklets. Since your bank’s mobile app allows you to do all this and much more online, can there be more digitisation in banking? Well, the new CEO of Kotak Mahindra Bank Ashok Vaswani thinks that a lot more technology can be deployed in banks. As the CEO of Barclays Bank UK, Vaswani knows how the lives of consumers can transform with digitisation. He is also cognisant of the fact that a bank does not only cater to millennials or GenZ population. At Barclays, he had a team of tech experts to help consumers who were even in their 1990s such that they could learn not just digital banking but even chat with grandkids on Skype or Zoom. That is how the new CEO of Kotak Mahindra Bank thinks, given that his head and heart are in the right place. At a time when banks are struggling to keep consumers happy while maintaining high profit margins, Vaswani could well be the man who can plug the gaps. And, if there’s something he can talk about for hours, it is the technological transformation of financial services. Not only is he cognisant of the ease that digital banking brings, but also the risk that comes along with it. This generational shift at India’s fourth largest private bank in India clearly wants to up its game in the years to come by leveraging technology to transform not only its operations but also create new and better services for its customers. Imagine an AI Bot that actually tells consumers every month on how spending on eating out is much more than feasible or that average monthly savings are not good enough when you retire. Yes, Vaswani believes that is the next stage of banking as it can open up different ecosystems. In an interview a few years ago at the University of West England, Bristol, he said: “I would submit that a lot more digitisation can happen. Why would I not be able to tell you, you are earning so much, you are spending this much and you should be saving. Can you imagine, you spent so much money on Uber and that you should be careful?” There are so many aspects of digital transformation that limits are frankly only set in the mind. As the CEO of Barclays UK, he has not just built a lot of products for consumers but even their confidence in the bank and the banking system. It is a refreshing change to hear a CEO talk about confidence in the company and not just on margins. Vaswani has a proven track record spanning three and a half decades across the world’s leading banks. He was initially at Citigroup and more recently, at Barclays, where he built and grew the business to a scale. He brings with him significant executional experience with a high degree of compliance and industrial strength across corporate and consumer businesses. Vaswani was Chief Executive Officer of Barclays Bank, UK and subsequently CEO of their global consumer, private, corporate and payments businesses and Member of the group executive committee. Earlier, he was CEO Citigroup Asia Pacific and Member of the Citigroup Global Operating Management Committees. He also built and ran various country and regional businesses across geographies. What makes him interesting is that he has not only run global banks but has even been president of Pagaya Technologies, a US-Israeli AI fintech company. This kind of exposure makes him a much better candidate than any insider at Kotak Mahindra Bank. At last count, there were three top contenders for the job, but Uday Kotak has roped in an outsider given the extent of the transformation that the bank will need to undertake to remain relevant in the face of competition from other fintechs. Ashok is married to Veena and their daughter is working in the United States of America. It is interesting that Uday Kotak, first generation founder and promoter of Kotak Mahindra Bank, has brought in an outsider to run the bank. Organisations typically are wary of bringing in outsiders at top jobs mostly because of the friction that results from such hiring due to cultural fitment and acceptance of a known candidate. It is easier for the rank and file to accept an insider rather than an outsider but Uday Kotak has chosen to take the risky route. While in some unfortunate cases like Infosys, where Vishal Sikka did not fare too well when promoters stepped away in 2014, the experiment of outsiders has been rather successful at the Tata Group. When Ratan Tata took over the reins at the Tata Group, he brought in Kishor Chaukar who came from ICICI Securities to head Tata Industries. Ravi Kant came in from Philips India in 1999, and headed commercial vehicles for Tata Motors before becoming MD in 2005. In 1998, the then vice-chairman of Hindustan Lever (now known as Hindustan Unilever), moved to Tata Sons as executive director. Typically, Indian corporations bring in overseas talent when they believe that the requisite skills are not available in India. But given that India’s private banking sector has grown and flourished under the stewardship of homegrown talent, this shift is an interesting move by Uday Kotak, who clearly sees merit in Vaswani’s experience outside of India. No wonder Uday Kotak, Founder and Director, Kotak Mahindra Bank said: “I am proud that we bring a ‘Global Indian’ home to build Kotak and India of tomorrow.” Interestingly, Ashok Vaswani is a Bachelor of Commerce, Economics and Accountancy, from the Sydenham College of Commerce and Economics (Bombay University), CA from the Institute of Chartered Accountants of India, CS from the Institute of Company Secretaries of India and Executive Education from the Stanford University Graduate School of Business. Uday Kotak too is alumnus of Sydenham College and has a postgraduate degree in management studies in 1982 from Jamnalal Bajaj Institute of Management Studies.

The CEO who believes that there’s a lot more to digitise at banks

<ul><li>With the passing away of <keyword id="6398943" type="General" weightage="20" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword>, India has lost its biggest champion.</li><li>He had been widely known for his investment strategies, but he was also one of the biggest philanthropists in the country.</li><li>Even while battling illness, he opened an eye hospital where 80% of surgeries would be carried out free of cost.</li></ul>“When I became a billionaire in 2008, my father wasn’t interested in my net worth but in how much I was going to give away,” Rakesh Jhunjhunwala, India’s best known stock investor, had said nearly a decade ago. This is probably one of the reasons why Jhunjhunwala constantly endeavoured to strike the right balance between earning and giving back to the society. The man, dubbed as India’s Warren Buffett, was so much more than an Indian stock market mogul. He has been among the country’s most notable philanthropists – he wanted to give away a fourth of his wealth within his lifetime. He did achieve the target last year as he donated 25% of his annual income towards charitable work focused on the education sector, according to Edelgive Hurun India Philanthropy list. He donated approximately <a href="https://www.india.com/business/rakesh-jhunjhunwala-as-a-philanthropist-big-bull-donated-approx-rs-13-69-lakh-per-day-5571664/">₹13.69 lakh</a> per day last year. Jhunjhunwala <a href="https://www.businessinsider.in/india/news/akasa-air-founder-top-broker-rakesh-jhunjhunwala-passes-at-62/articleshow/93551704.cms">passed away </a>on Sunday morning, leaving a deep void. His stock picks had earned him a cult following, and his humble nature was praised by many. It was not long ago that Jhunjhunwala’s simple dressing sense became a source for many memes after his meeting with Prime Minister Narendra Modi. Son of an income-tax officer, Jhunjhunwala never forgot his roots no matter how much wealth he had accumulated over the years. “I would be driving the same car and having the same food even with 85% less wealth than now. At heart, I’m pure middle-class. If I don’t go to the office for a few days, my wife starts asking why you are home,” India’s <a href="https://www.forbes.com/india-billionaires/list/#tab:overall">36th </a>richest man had <a href="https://www.thehindubusinessline.com/markets/rakesh-jhunjhunwala-indias-warren-buffet-who-remained-a-middle-class-at-heart/article65768876.ece">said</a>. Jhunjhunwala stepped into philanthropy with St Jude, a free-of-cost shelter for underprivileged children battling cancer, which has helped over 31,262 children since its inception in 2006. His biggest charity was Agastya, which aims to impart knowledge of science to young students. Other than these, he also backed Ashoka University. Friends and the beneficiaries of these organisations have also <a href="https://www.outlookindia.com/business/the-oracle-of-dalal-street-rakesh-jhunjhunwala-news-216304">highlighted</a> that Jhunjhunwala didn’t just believe in only signing a cheque, but was also actively involved in these causes. The philanthropy didn’t end here. Even when he was battling health problems last year, Jhunjhunwala opened an eye hospital named after his father near Mumbai last June. The R Jhunjhunwala Sankara Eye Hospital follows a 20:80 model, where two in ten surgeries are subsidised for those who can afford it and the remaining eight are totally free of cost. The hospital is primarily built for patients from rural Maharashtra. Jhunjhunwala was born on July 5, 1960, and grew up in a Rajasthani family in Bombay. He entered the stock market with just ₹5,000 in 1985. He amassed a fortune worth an estimated $5.8 billion (roughly ₹46,042 crore) in his life span. His portfolio included 47 companies like Star Health, Titan, Canara Bank, Indian Hotels Company, Nazara Technologies and Tata Motors at the end of June. He also had holdings in Tata Communications, Bilcare, Federal Bank and Aptech. His latest venture was an airline – Akasa Air, which took its maiden flight exactly a week before his death on August 7. A Chartered Accountant by qualification and training, he was 62 and is survived by his wife Rekha and three children. “Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world,” Prime Minister Narendra Modi said on Sunday. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/heres-a-list-of-stocks-that-can-benefit-from-the-festive-season/articleshow/93579202.cms">Here’s a list of stocks that can benefit from the festive season</a> <a href="https://www.businessinsider.in/business/news/food-delivery-startup-qmin-claims-to-be-the-only-profitable-business-among-its-peers-like-zomato-swiggy/articleshow/93520527.cms">Taj Hotels’ Qmin food delivery app claims to be the only profitable business among its peers</a> <a href="https://www.businessinsider.in/entertainment/news/avatar-2-black-panther-2-ant-man-here-is-a-complete-list-of-hollywood-movies-expected-to-hit-indian-theaters-in-the-next-6-7-months/articleshow/93522825.cms">Avatar 2, Black Panther 2, Ant Man — Here is a complete list of Hollywood movies expected to hit Indian theaters in the next 6-7 months</a>

Life and times of Rakesh Jhunjhunwala — the man behind the trader

Post demonetisation, tax experts are taking the penalty under section 270A of the I-T Act under consideration. According to the Act, 200 per cent of the I-T is to be paid on misreported or under-reported income and tax officials are examining that whether it can be levied if an individual deposits unaccounted money, but pay advance tax on the same and also declare it in his I-T return (<keyword id="6374875" type="ORGANIZATION" weightage="100" keywordseo="ITR">ITR</keyword>). 
 
The issue surfaced during an in-house panel discussion at Bombay Chartered Accountants’ Society (BCAS). 
 "As per the existing provisions of the I-T Act, section 270A cannot be applied in such a situation as the income has been voluntarily offered for tax. So it cannot be construed as a case of under-reporting or misreporting. The problem, however, would be in terms of explaining the source of the income. But that in itself may not be enough for levying penalty," <keyword id="627961" type="PERSON" weightage="20" keywordseo="Ameet-Patel">Ameet Patel</keyword>, chairperson of the taxation committee at BCAS told ET. 
 In a series of tweets by <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword>, the Ministry stated that if cash above Rs 10 lakh is deposited in a bank account and is not matching with declared income, the same will be treated as 'tax evasion'. In such a case, the I-T plus a penalty of 200 per cent of the I-T payable would be levied as per section 270(A) of the I-T Act. 
 
"This does not seem to be in line with the law as it stands today," Patel told ET. 
 "While no penalty can be levied if one discloses the amount in one's ITR, the issue is not so simple. There are other risks besides a likely amendment (especially since the tax rate under the recently concluded Income Disclosure Scheme was higher). There could also be possible litigation regarding the year of taxation with resultant penalty and prosecution,” <keyword id="1195939" type="PERSON" weightage="20" keywordseo="Gautam-Nayak">Gautam Nayak</keyword>, former president of BCAS, told ET. 
 
So the question is, if the depositor is not able to prove the source of his income, can the I-T officials treat it as income of an earlier year and reopen assessment? 
 
"They could, but reopening is a lengthy process that requires approval of higher officials. Also, the I-T department is currently not adequately staffed to cope with so many more cases," Patel told ET.

Cash disclosed in ITR might not incur 200 per cent fine

<a href="http://www.businessinsider.in/searchresult.cms?query=yakub+memon">Yakub Memon</a>, who was hanged in <a href="http://www.businessinsider.in/searchresult.cms?query=nagpur+jail">Nagpur jail</a> on Thursday, was buried alongside his father’s tomb. 
 
His body was handed over to his family members in Mumbai. 
 
Memon, 1993 <a href="http://www.businessinsider.in/searchresult.cms?query=mumbai+blasts">Mumbai blasts</a> convict, was hanged at 6.35 am after the Supreme Court dismissed his curative petition and <a href="http://www.businessinsider.in/searchresult.cms?query=pranab+mukherjee">President Pranab Mukherjee</a> rejected his mercy petition on July 29. 
 
Hours before his hanging, Memon offered namaz and read the holy Quran and was provided with a fresh set of clothes. 
 
Nagpur’s Chief judicial magistrate M M Deshpande was present and she read out the operating part of the TADA court order which awarded capital punishment to Memon before he was made to stand on a stool and the lever pulled by the hangman. 
 
A team of doctors declared him dead and a post-mortem was conducted by a team from a Nagpur hospital. 
 
Ironically, Memon, who was a chartered accountant by profession, was hanged on his birthday. He turned 53 today. 
 
He had reacted with an angry outburst saying "innocent people are being called terrorists" when a TADA court here had pronounced him guilty on September 12, 2006. 
 
After hearing the verdict, he had said, "We do not want to engage lawyers to argue on quantum of sentence...13 years have passed and innocent people are being called terrorists." 
 
Blasts in Mumbai, then known as Bombay, in 1993 had killed 257 people and Memon was convicted as the "driving spirit" behind the serial blasts in India's financial capital. 
 
(Image: Indiatimes)

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