New Delhi, Nov. 22 -- After a three-year stint as Under Secretary in the Central Board of Direct Taxes, New Delhi, I was promoted to the rank of Deputy Commissioner in May 1992 and transferred to Mumbai. I was posted to a Range comprising of banks (both Indian and foreign), financial institutions, an RBI subsidiary, public sector companies, and other big corporates. There were four other such Ranges, each headed by a Deputy Commissioner.
The tax department's bread and butter essentially came from banks who paid most of the advance tax which were critical in Bombay Region's budget target. Any less-than-expected payment would lead to panic with bells ringing as far as North Block. So, they had to be carefully nurtured, lines of communicatio...