Companies & Sectors
Aditya Birla Chemicals hits 52-week high on strong Q3 results

Aditya Birla Chemicals shares hit its 52-week high on BSE due to strong December quarter results achieved on robust sales growth and new acquisitions

Aditya Birla Chemicals (India) Ltd, Wednesday hit its 52-week high at Rs122 on the BSE following the company’s good third quarter results. Aditya Birla Chemicals said its December quarter net profit increased mainly on higher sales and contributions from its new acquisitions.
 

For the quarter to end-December the chemical producer said its net profit stood at Rs16.36 crore while its total revenues, including sales, grew to Rs286.88 crore. However, the company clarified that its third quarter results are not comparable with previous year due to new acquisitions.
 

“The results of the company for the quarter and nine months ended 31 December 2013 includes results of the said acquisition during quarter and hence current period and year-to-date numbers are not fully comparable with earlier period,” Aditya Birla Chemicals said in a regulatory filing.
 

Aditya Birla Chemicals has acquired the business comprising of Chlor Alkali & Phosphoric Acid plant at Karnataka and salt works at Gujarat from Solaris Chemtech Industries for Rs153 crore on 1 September 2013, which contributed to sales growth during December quarter.
 

Aditya Birla Chemicals closed Wednesday 4.9% higher at Rs116.35 on the BSE, while the 30-share Sensex ended the day flat at 20,448.
 

For more stock results, check out this page

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QNet: Bombay HC rejects Transview plea to defreeze bank accounts

The HC refused to defreeze bank accounts of Transview Enterprises owned by Suresh Thimiri, who is often touted as QNet India's CEO but had denied any relations with the MLM operator

 

The Bombay High Court on Wednesday rejected interim application filed by Suresh Thimiri, who is often touted as QNet India's chief executive, to defreeze bank accounts Transview Enterprises Pvt Ltd, a separate company owned by him.

 

Transview Enterprises is an associate company of Vihaan Direct Selling Pvt Ltd that handles QNet's multi-level marketing (MLM) operations in India since 14 April 2012. Before that QNet's Indian operations were controlled by QuestNet Enterprises (India) Pvt Ltd, a company registered at Chennai.

 

Vihaan Direct Selling, in which Michael Ferreira, the former world billiards champion, owns 80% stake, is a direct selling agent of QNet and had done large financial transactions with Mr Thimiri's company Transview. This made the EOW to freeze Transview's bank accounts in ING Vyasa Bank at Bengaluru.

 

Mr Thimiri, who in his anticipatory bail application on 19 August 2013 had denied any relations with QNet and its representative, however, has ratified deals between Vihaan Direct Selling and his company, Transview Enterprise.

 

In his application before the Bombay High Court to defreeze bank accounts of Transview Enterprise, Mr Thimiri said, "The applicant (Mr Thimiri, director of Transview) is in the business of importing and manufacturing products such as Bio Discs, Chi Pendants, Nutriplus, Homepure, watches and various other products and sells the same to M/s Vihaan Direct Selling India Pvt Ltd."

 

While Mr Thimiri is trying very hard to de-link himself from the probe, his own submissions are revealing truth. Vihaan Direct Selling carries 'QNet' brand in India that is registered trademark of Transview Enterprise of Mr Thimiri. The submission made by Mr Thimiri before the Courts only underline his links with QNet in India.

 

Last week, the Enforcement Directorate (ED) registered a case under the prevention of money laundering act (PMLA) against QNet, Vihaan Direct Selling, Ferreira and QNet founder Vijay Eswaran and three other independent representatives (IRs) of the MLM operator.

 

The Economic Offences Wing (EOW) of Mumbai Police, which is also probing the MLM fraud, had so far arrested nine team leaders of QNet for allegedly duping investors by offering to sell products such as magnetic disks, herbal products and holiday schemes through fraudulent practices. The accused have been charged with cheating and forgery under relevant sections of the Prize, Chits and Money Circulation Schemes (Banning) Act 1978.

 

For weeks, the former world billiards champion avoided appearing before the EOW until a Mumbai court hearing his anticipatory bail application asked him to present himself before the police by 27th January. On 31st January, the Session Court extended till 17th February the interim protection from arrest granted to Mr Ferreira in the QNet scam. He however, has been asked to attend EOW offices as and when required besides obtaining prior permission from the Court before going abroad.

 

The complainant, Gurupreet Singh Anand, a computer consultant from Lokhandawala, Andheri in his first information report (FIR) before the EOW stated that his wife was duped for Rs30,000 by some people who had introduced themselves as the independent representatives (IRs) of QNet. Mr Anand told the police, “They (IRs) had said that one of the bio-products my wife bought could be used to treat my 12-year-old son's brain-related diseases.”


 

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COMMENTS

gurupreet

3 months ago

GOOD NEWS...QNET VICTIMS IN MUMBAI...DEDICATED QUESTIONS & ANSWERS SESSION FOR QNET VICTIMS on Sunday 18th September 2016.

Ever since you lost your hard earned money in QNET SCAM, you all have multiple questions and facing multiple issues like :

1. Where and whom to approach for recovering your hard earned money?

2. How to help fight and stop this QNET SCAM?

3. How to teach your CHEATER UPLINES a lesson?

4. Issues regarding the “so called” “REFUND POLICY”.

5. Are you eligible for “Compensations”?

6. Issues regarding action buy police authorities.

7. What is the status of the court cases etc.

These are an example of just a few issues and concerns you are facing, but there is GOOD NEWS for you all. We have been working overtime to try and bring an end to these woes and issues faced by Victims of Financial Frauds like this QNETSCAM.

So guys and girls tomorrow is the BIG DAY finally , Please do join us tomorrow (Sunday) afternoon at 1.30 PM sharp at Andheri east, outside Sarangi Restaurant (Just 1 minute from the Andheri station on the east side).

Please do come and also inform other victims of the QNETSCAM.
Tomorrow (Sunday) afternoon sharp 1.30 PM, outside Sarangi Restaurant , Andheri-east, Mumbai.

Please note we have limited seats, first come first served basis allotment..so make sure to reach in time __/\__ . You can contact on 7498063701 in case of difficulty in locating us :)

Jai Hind.

jitu moni

3 months ago

http://zeenews.india.com/news/maharashtra/qnet-case-sc-directs-maharashtra-govt-to-file-latest-probe-report_1924693.html
Mumbai: The Supreme Court on Thursday directed the Maharashtra Government to file the latest status report regarding investigation so far on the anticipatory bail plea of World Billiards champion Michael Ferreira and four others, who are facing charges of money laundering in the multi-crore QNet case.

The next hearing in the matter will take place on September 14.

Besides Ferreira, the others whose anticipatory bail plea were rejected were Malcom Desai, Vanka Srinivas, Maganlal Balaji, all directors of M/s Vihaan Direct Selling (India) Pvt. Ltd, and Suresh Themiri, director of Transview Enterprises.
They are facing charges under Sections 420 (mischief), 468 (forgery), 471 (using forged document knowing it is not genuine) of the Indian Penal Code (IPC).

Justice Mridula Bhatkar of the Bombay High Court, who took on record the statement of public prosecutor Pradeep Gharat that investigations were still on, had in May rejected their anticipatory bail pleas.

Ferreira had started the operations of QNet, a multi-level marketing company, in India via his firm Vihaan Enteprises.

The QNet cheating case began with a complaint by Gurpreet Singh Anand, who raised his voice after losing Rs. 30,000.

According to the police, the money involved has crossed Rs. 1,000 crores in the alleged scam with more than five lakh investors allegedly losing their money in the case against QNet which is being probed by the Economic Offences Wing.
ANI

jitu moni

4 months ago

http://www.newsambit.com/eow-of-delhi-police-registered-case-against-qnet-india-and-its-irs/
NewsAmbit, New Delhi
Delhi Police Economic Offence Wing(EOW) has registered an FIR against QNET India/Vihaan Direct selling India Private Limited and its three independent representatives on the allegations of cheating and fraudulently operating the multi level marketing, which is illegal in India. Police have initiated the investigation and suspecting huge scam, which is estimated in crores.
A senior Police officer of EOW said that we received a combined complaint against QNET India and its three independent representatives from more than dozen of people in the month of March this year. As per the allegations of main complainant Anuj Jain alleged that his friend Himashu Aggarwal approached him for an business opportunity. He said that he is an independent representative(IR) of an e-commerce based company. He said that he can arrange an meeting with the other IR’s who will tell you about the business and if they find you suitable you will get chance to be a part of the company. After few days Himanshu called Anuj Jain to come with a CV at a café situated in Nehru Place area on 29 November 2015. Anuj reached there, where he met with Himanshu and his to associates Anita Jaggi and Kanika. Trio told him about the business profile and also assured that this is not a networking marketing company. They demanded Rs 6.5 lakh to be a member of the company. They also said that company has millions of customers. IR of the company is treated as a partner and also got the profit share for each sale. After three four days Anuj gave them 6.5 lakh rupees but after some time he got to know that this is a multi level marketing company and fraudulently cheating innocent persons by roping them in it’s banned business with the help of IRs.
Police said that Anuj is not the only complainant so many more complainants also approached to EOW. After which a preliminary enquiry had conducted. It was found that some persons who are termed as IR contact their friends and close persons to join a new e-commerce business. They don’t tell the name of the company or complete business module at the beginning. After alluring them they set various amounts from the victim. Independent Representatives(IR) get training during the joining and talk to make further members. These kinds of IRs of the company are operated from different cafes and food courts situated in Delhi and NCR.
Those who join the company get user id etc and products like ravel packages, some other items etc are shown purchase from their money. The delivery address given in the portal is also found of overseas area most of the time and mostly that address is too fake type location only which shows that no products are being sold and it is a completely a money circulation scheme. Two websites were found involved in the namely www.unetindia.in and www.cmetindia.net were found mated to Vihaan Direct selling (India) Pvt ltd which is stated Indian Franchisee of Hong Kong based net company. Investigations are on. Police are trying to unearth the whole network of the IRs on which this company is running its business unlawfully in Delhi. A case has been registered u/s 420/120B/34 IPC and 4/5/6 of Prize Chits and money circulation Schemes(Banning) Act,1978 .

Profiles of IRs
Himashu works with Samsung
Anita Jaggi works with RBS

jitu moni

6 months ago


Bluru QNet agent who earned 50L a yr as commission held
Mumbai: The Economic Offences Wing (EOW) has arrested Ram Singh, an accused in the Rs 1,000 crore QNet case, for earning Rs 50 lakh or more as commission each year from proceeds of the crime.

Singh, a Bengaluru resident, was arrested last week after the imigration authorities at Bangalore airport detained him over a look out circular notice (LOC) issued by the Mumbai police. "We are going through all his bank account details and trying to ascertain the source of money to his account," said DCP Pravin Padwal of the EOW.

Singh's name had cropped up during the initial investigation in 2013 but the police could not locate him then. In January 2015, a police team visited his Bengaluru residence but did not find him there. The house was locked. He is the 19th accused to be arrested in this case so far.

"We are working to arrest all the culprits in this case. A special investigation team has been formed to nab the othe accused invovled," said Dhananjay Kamalakar, joint police commissioner, EOW. Singh, said police sources, has been sending money to his daughter who is studying in Canada. "We have to know his source of income. He has sent a major chunk of money to Canada. We suspect this money was gained from QNet. Moreover, he was looking after the QNet business in Dubai and has been shuttling between Dubai and India. We got his passport number late. Soon after getting it, we issued an LOC notice and he was detained," said an officer.

A special MPIDA court in February this year rejected the anticipatory bail plea of Michael Ferreira (77) winner of the World Amateur Billiards Championship and a Padma Bhushan recipient, and four others, Malcom Desai, Vanka Srinivas, Maganlal Balaji, all directors of M/s Vihaan Direct Selling (India) Pvt Ltd and Suresh Themiri, director Transview Enterprises. They all have approached the high court now in the QNet case.

"They posed as a marketing firm which would sell bio-discs, watches, herbal products, holiday packages, etc. They even claimed that by using the bio-disc, one can cure cancer and brain diseases," cops said. Some money has been transferred to Malayasia, Singapore and Hong Kong, too, cops added.

jitu moni

7 months ago

Hello Everyone

The company Qnet is celebrating VCon from 3-7 May. As a present,yesterday late night, I posted lot of comments on numerous pics uploaded on Instagram. I also posted on VChief Pathmans account. Unfortunately, they kept deleting my posts and had to ultimately block me. If each one of us, Indians, takes to instagram and starts posting messages like me, then they would have to either block us or abandon their account, which is their money making tool. You can start with Qnetofficial,TheV, Pathmans account, etc with phrases like Pyramid Scheme, Qnetscam, Franchise Fraud, Police arrests, court cases,Cheating, etc. They cannot stop us if we all work as one unit.

Hope we all teach them a lesson and save other fellow Indians.

Jai Hind

jitu moni

7 months ago

http://www.asianage.com/mumbai/cm-devend...
CM Devendra Fadnavis has assured detailed inquiry into QNet: BJP
Chief minister Devendra Fadnavis has promised to make a detailed inquiry of the alleged irregularities by the QNet multilevel marketing company and take action against the offenders, said BJP spokesperson Madhav Bhandari on Saturday. Former union minister P. Chidambaram’s wife was a legal counsellor with the company.

The QNet company, which was earlier known as Goldquest, has cheated 12 lakh people to the tune of thousands of crores of rupees. The court has rejected anticipatory bail to the accused in this case. When the CM was contacted about this, he promised to make a detailed inquiry and take action. If necessary, he said that the CBI’s help would also be taken, said Mr Bhandari.

The party spokesperson demanded that the role of former Union minister P. Chidambaram and his wife needs to be probed in this case. “Mr Chidambaram’s wife was a legal counsellor of the concerned company. Taking note of complaint registered by a lawyer from Chennai, the Central Vigilance Department handed over the case to the CBI. The complaint also has a mention of former Union minister Shashi Tharoor. However, the CBI did not investigate the matter during the tenure of Congress government at the Centre,” he alleged.

In Maharashtra, the wife of Gurpreet Singh Anand had in 2013 filed a complaint of fraud against the company. However, there was not much inquiry during the Congress-NCP regime. But since the court has denied anticipatory bail to other accused, including sportsman Michael Ferreira, the investigation can be expedited. Many sensational things are expected to come out in the investigation as the CM has promised to carry out a detailed probe in the case, said Mr Bhandari.

jitu moni

7 months ago

Mumbai police seeks Zee business help in probe of QNet
https://http://www.youtube.com/watch?v=RabPkRNutwU

jitu moni

7 months ago

http://timesofindia.indiatimes.com/city/...
A group of investors in the QNet multi-level market case on Sunday gathered near Holy Family Church and marched as a protest and public awarness against ponzi schemes. The protesetors reached at the house of accused Padma Bhushan Michael feriera in the QNet cheating case. The protesters were holding placards that read, Michel Ferriera Shame Shame! and Ban QNet".

"We chose Bandra for protest since most of the accused in this scam reside here. We had informed the police in advance and stated that the peaceful march will be for awareness about such fraud schemes and protest against such ponzi schemes," said Gurpreet Singh Anand, the first complainant in the QNet cheating case. He added that thgough it was his birthday but he did not spend time at home and was busy in the awareness drive.
Similar protests were held in New Delhi, Bangalore and Hyderabad on Sunday. Last month a special MPIDA court rejected the anticipatory bail plea of Michael Ferreira, winner of the World Amateur Billiards Championship and a Padma Bhushan recipient, and four others in the QNet case. They have approached the Bombay High Court for anticipatory bail. Ferreira, 77, and others had applied for anticipatory bail in 2014.

jitu moni

7 months ago

http://timesofindia.indiatimes.com/city/...
The economic offences wing of Mumbai police, probing the multicrore Qnet scam, has issued notices to Indian Super League (ISL) officials to gather details about taking sponsorship from the tainted company.
Qnet had made celebratory association as the official direct selling partner of Goa Football Club (FC Goa) throughout the Indian Super League 2015 season, from October to December. FC Goa is a part of the ISL football league tournament. Sources said the police are trying to find out the how the proceeds of crime of a company under serious investigation, have been used to sponsor the team. Police are also baffled as how the Qnet managed to generate money when its accounts have been seized. "We have sum moned ISL officials to understand the amount and flow of money in their sponsorship from the Qnet company which had defrauded several investors," said an official.

jitu moni

7 months ago

The fight against the Qnet scam wheré more than 7000 crores of rupees has been laundered out to foreign shores from India has just got bigger.

The Saradha Scam which started mainly in Bengal looks relatively smaller compared to the Qnet scam which had defrauded people across various cities like Mumbai,Delhi,Bangalore,Hyderabad etc for over a period of 10 years.

To unite and protest against this MLM scam plaguing India, all victims,activists, are requested that they gather outside Holy Family church,Hill Road,Bandra West at 10.30 A.M. tomorrow 24th April,2016.

Various press and media agencies will be present to cover the event meet and address grievances to authorities.

The current government has taken note of the Qnet scam and matter will be taken up at upcoming Parliament session.

All Indians are cordially invited to support the cause and join in the protest. We need to end the scam by spreading awareness and recover the money taken away by the scamsters.

A request to all to please forward this message on Facebook, twitter and WhatsApp groups... Jai Hind

Dev

8 months ago

LINKS TO ARRESTS/FIRS IN GURGAON/HYDERABAD IN QNET MATTER

http://timesofindia.indiatimes.com/city/...

http://www.thehindu.com/news/cities/bang...


YOU CAN REPORT ANY FRAUD BY ANY PONZI SCHEME TO THE FOLLOWING (DEPENDING ON THE CITY IT HAPPENED). SEND YOUR COMPLAINT BY REGISTERED AD OR VISIT PERSONALLY AND TAKE A STAMPED ACKNOWLEDGEMENT. THIS WILL ALSO ENSURE THAT IF ANY MONEY IS DISBURSED FROM ANY SEIZING OF ASSETS/MONEY UNDER ACTS LIKE MPID ACT, YOU WILL BE ABLE TO LAY A CLAIM

THE FULL LIST FOR EVERY STATE IS AVAILBALE AT https://rbi.org.in/commonman/Upload/English/Content/PDFs/LNA100112C_M.pdf

FOR MAIN METROS, THIS IS THE ADDRESS

MUMBAI

THE JOINT COMMISSIONER OF POLICE (EOW)
MUMBAI POLICE
Ground Floor, Annexe 2 Building
Police Commissioner Office
Crawford Market, Mumbai - 400001

DELHI

Deputy Commissioner of Police
Economic Offences Wing
Delhi Police
Mandir Marg
New Delhi 110001

BENGLURU

Cyber Crime Police Station,
CID Annexe Building, Carlton House,
# 1, Palace Road,
Bangalore - 560001.

CHENNAI

Deputy Commissioner of Police(EOW)
Chennai Police
Economic Offences Wing CID
C 48, II- Avenue, TNHB, 3rd Floor,

Anna Nagar, Chennai-40.

HYDERABAD

Office of the Addl.Director General of Police,
Crime Investigation Department
Andra Pradesh at RBVRR Telangana State Police Academy,
Himayatsagar,Hyderabad-500091, Telangana State

NOTE: YOU CAN CHECK WHERE THE ECONOMIC OFFENCES WING (EOW) OF YOUR STATE/CITY IS LOCATED AND VISIT PERSONALLY AND LODGE A COMPLAINT

Dev

8 months ago

http://www.thehindu.com/news/cities/bang...

Six persons have been arrested for allegedly running a marketing scam through the company Qnet.

According to the police, the company is engaged in a ‘chain link multilevel marketing’ scam. Persons were encouraged to pay Rs. 2,500 and join as ‘members’ with the promise of high commissions for getting more members into the organisation, said the police who received ‘numerous’ complaints. Over 100 people were ‘duped’ into joining, says a police release.

Members could offer ‘packages’ that cost between Rs. 40,000 and Rs. 3.75 lakh, and would get commissions up to 30 per cent for enticing others to avail these packages.

The Central Crime Branch, fraud and misappropriation squad, raided the company’s office at Byappanahalli on March 13 and arrested six persons. A release said Amit Soni (34), Ashok Sharma (33), Rakesh M. (33) – all from Mumbai – Nikunj Kumar (29), Avinash Shah (32) and Ankit Kandel (34) – all from Kolkata – were arrested.

However, a company spokespersons said the charges are ‘baseless’ and the operations – which includes networking – had been ‘misconstrued’ as a Ponzi scheme.

Agyat Vyakti

9 months ago

Off the topic. This is just for awareness.. Qnet and MLM are using friends and relatives to dupe you... You may like to read Qnet modus operandi with screen shots and facts and how to avoid them here ... Please share for public interest.. Qnet Scam in delhi by Ashwin Baluja and Prithvi Raj Grover http://qnetindiascam.blogspot.in/

jitu moni

10 months ago

http://www.moneylife.in/article/qnet-mpi...
The special court has rejected anticipatory bail applications of two directors of Vihaan, Suresh Thimiri of Transview as well as Malcolm Desai and Michael Ferreira, the stakeholders of Vihaan that handles QNet's MLM operations in India

The special Maharashtra Protection of Interest of Depositors (MPID) Court on Tuesday rejected anticipatory bail applications of five accused in the multi-crore QNet scam. This includes, Srinivas Rao Vanka and Magaral Veervalli Balaji, both directors of Vihaan Direct selling (India) Pvt Ltd, Suresh Thimiri, director of Transview Enterprises India Pvt Ltd, Malcolm Nozer Desai, who is 20% stakeholder in Vihaan and Michael Joseph Ferreira, former world champion of billiards and 80% stakeholder in Vihaan.
The Economic Offences Wing (EOW) of Mumbai Police, which is probing the case, had invoked the stringent MPID Act against controversial multi-level marketing (MLM) company QNet, which has denied any wrongdoing on its part.

Transview Enterprises is an associate company of Vihaan Direct Selling Pvt Ltd that handles QNet's multi-level marketing (MLM) operations in India since 14 April 2012. Vihaan Direct Selling, in which Michael Ferreira, the former world billiards champion, owns 80% stake, is a direct selling agent of QNet and had done large financial transactions with Thimiri's company Transview.

The EOW had booked several accused including the former world champion of billiards and five companies related with QNet, under the MPID Act. This means all the cases against QNet, Vihaan and all those involved in the MLM scam would be heard before the special MPID Court. Until now, the accused were being investigated for cheating and forgery under the Prize, Chits and Money Circulation Schemes (Banning) Act 1978, and for money laundering by the Enforcement Directorate (ED).

In February 2014, the ED registered a case under the prevention of money laundering act (PMLA) against QNet, Vihaan Direct Selling, Ferreira and QNet founder Vijay Eswaran and three other independent representatives (IRs) of the MLM operator.
Gurupreet Singh Anand, a computer consultant from Lokhandawala, Andheri in his first information report (FIR) stated that his wife was duped for Rs30,000 by some people who had introduced themselves as the independent representatives (IRs) of QNet. Anand told the police, “They (IRs) had said that one of the bio-products my wife bought could be used to treat my 12-year-old son's brain-related diseases.”

jitu moni

1 year ago

http://timesofindia.indiatimes.com/city/...
MUMBAI: Investors who lost their money in major scams and multi-level marketing's cheating cases can heave a sigh of relief now. The state government has appointed 49 new competent authorities (CAs) to take decision in as many as 101 cases regisered under the strinent law, The Maharashtra Protection of Interest of Depositors (MPID) Act. This will help to dispose of as much as Rs 10,000 crore of investors that is stuck in over a hundred cheating cases' legal battle.

Earlier, the city economic offences wing (EOW) had only two competent authorities. "CAs will proceed with the procedure of disposal of properties and realisation of money for repayment to the investors. It will expedite the process of recovery and will help the victims who have been cheated to get their money back," said Dhananajay Kamalamakr, joint commissioner of police and EOW chief.

The big cases where these CAs will focus first include the cheating cases incluidng National Spot Exchange Limited (NSEL), QNet, SpeakAsia, fixed deposit scam led by Sheesha lounge owner Mohammed Fasih and the Mumbai District Cooperative Bank. SpeakAsia alone has over 24 lakh investors. The money lost in this case is over Rs 2,276 crore while investors' over Rs 6,000 crore is stuck in the NSEL case.
TOI had on October 11, 2015 reported about that as many as 62 cases under the MPID act were pending in a city court due to non-appointment of a competent authority. While seized properties of the accused in all the above cases await disbursement among the victims, the city police has sent a proposal to the state for several amendments including the appointment of CA for a speedy return of public money, said police sources. More than Rs 10,000 crore public money is stuck in MPID cases in the city alone, they said.

"Earlier, non-appointment of competent authority defeated the objective of the enactment of the MPID Act," said an EOW officer. While an investigating officer probes the criminal part of a case, the civil aspects such as the attachment of properties, sale-realization of properties, and disbursement of sale proceeds to the victims are exclusively in the domain of the competent authority who is a revenue officer of deputy collector rank.

"It is observed that competent authority has been appointed in 23 cases in the city MPID cases earlier, notification of the properties in the official gazette is yet to be published. Hence, it would be better to have CAs with independent portfolio for MPID cases," said a senior IPS officer.

Major cases where the appointment of competent authority will give relief to investors:

· NSEL Rs 6,000 crore
· SpeakAsia Rs 2,276 crore
· QNet Rs 425 crore
· FD scam Rs 325 crore
· Mumbai District Cooperative Bank Rs 119 crore

REPLY

sss

In Reply to jitu moni 1 year ago

Thanks for the update

Tax issues: Our online survey results

Moneylife’s online survey on tax compliance and issues shows that one out of ten respondents indulges in tax avoidance, which can land them in trouble. TDS credit mismatch is still an issue for 40% of respondents

A survey conducted among Moneylife readers on tax compliance and issues shows that respondents have varying degrees of awareness of various tax implications. Almost 8% have income from ‘other’ sources (business, bank fixed deposit-FD, stock/ mutual fund dividends/ capital gain), but do not show these in their tax returns. Over 9% even file form 15G/15H to prevent TDS (tax-deduction-at-source), even though they owe tax. Both the cases can be termed as tax avoidance which is a serious offence as we mentioned on our Cover Story “10 ways your unpaid income tax may boomerang”  .
 

Our online survey received 715 responses.
 

Three out of four respondents are aware of advance tax (different from TDS) payment rules. But, only one out of two is aware of what assets attract wealth tax. Even worse, only one out of three know about annual information return (AIR) and how it can affect them.
 

Two out of three respondents always view Form 26AS before filing tax returns. Surprisingly, only 62% of respondents find that Form 26AS TDS credit matches with the tax deducted in reality. It means you will have to check with the bank/company to ensure that it gets corrected; otherwise you will end up paying taxes you really don’t owe.
 

Only 61% get Form 16 (salary) and 16A (other than salary) on time and without any hassle. These forms are your right and, hence, demand it from the concerned bank/company. Your TDS certificate is your credit receipt for taxes paid. Nearly 40%, do not file Form 15G/15H to prevent TDS deduction if they don’t have any taxable income.
 

Here are the Survey results in detail…

 



Please read Moneylife Cover Story - 10 Ways Your Perfect Tax Return Can Boomerang

User

COMMENTS

SuchindranathAiyerS

3 years ago

Income Tax claims that they are "alert" But, do they dare be all that alert? There must always be sufficient chaos to camouflage and provide loop holes for select members of the neta-babu-cop-judge-corporate nexus that rules (i.e. loots) India.

REPLY

nagesh kini

In Reply to SuchindranathAiyerS 3 years ago

Alert yes, to fill in the coffers before 31st March, 2014 for which they'll shoot out notices with hyped up demands.
just wait and watch. for all you know everybody will soon receive a computersied 'not requiring signature' love letter from delhi ostensibly quoting a AIR.

nagesh kini

3 years ago

The response to this survey ought to serve as eyeopeners.
I'd suggest everybody reads Mr. Nani Palkhiwala's Foreword to his book- it's a piece of English literature. One of the most appropriate things mentioned therein is that Tax avoidance is a crime but tax planning is perfectly legal.
Unfortunately the dividing line between the two is extremely thin. Tax planning by a tax payer-assessee can be 'deemed' to be avoidance by the tax collectotr.
Those with taxable income shouldn't file Forms 15G/H. Banks should point this out.
Not disclosing/overlooking Income from Other Sourceslu can attract penalties for concealment.
The AIR may be a good tool as per PC, the FM, but it has turned to ben extremely bad instrument. The computer output that "does no trequire any signature" mindlessly issues notices left right and centre without any application of mind. The left hand doesn't know what the right hand is doing. The local jurisdictional officer who normally assesses you comes to know of the notice when you draw his attention to the asseesment orders passed him long ago.

nagesh kini

3 years ago

The response to this survey ought to serve as eyeopeners.
I'd suggest everybody reads Mr. Nani Palkhiwala's Foreword to his book- it's a piece of English literature. One of the most appropriate things mentioned therein is that Tax avoidance is a crime but tax planning is perfectly legal.
Unfortunately the dividing line between the two is extremely thin. Tax planning by a tax payer-assessee can be 'deemed' to be avoidance by the tax collectotr.
Those with taxable income shouldn't file Forms 15G/H. Banks should point this out.
Not disclosing/overlooking Income from Other Sourceslu can attract penalties for concealment.
The AIR may be a good tool as per PC, the FM, but it has turned to ben extremely bad instrument. The computer output that "does no trequire any signature" mindlessly issues notices left right and centre without any application of mind. The left hand doesn't know what the right hand is doing. The local jurisdictional officer who normally assesses you comes to know of the notice when you draw his attention to the asseesment orders passed him long ago.

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