Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: form 3cd :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: VAT RATES :: VAT Audit :: list of goods taxed at 4% :: empanelment :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: cpt
 
 
« News Headlines »
 Filing of online return for 4th quarter of 2016-17 — extension of period thereof
 CBDT simplifies ITR filing process from FY18
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned

I-T dept may reopen Satyam's 6-year returns
January, 15th 2009

The Income Tax (I-T) department will relook into the Satyam case in view of the disclosure by the statutory auditor, Price Waterhouse, that its audit reports on the company should not be relied upon.

While carrying out the investigation on its own, the department will also wait for the restated accounts of the company, whose erstwhile chairman and promoter B Ramalinga Raju has admitted that he had inflated the revenue and profit figures for years. Raju is now in judicial custody for various offences, including fraud.

If there is a case of gain in terms of additional tax collection, then Satyams returns will be reopened, said an I-T official.

Once the restated data is available, the department will examine and fit into the tax implication for the past six years, the maximum period up to which past tax returns can be reopened.

If it is found that certain income has escaped the tax net or violation of income tax law has taken place, a notice may be issued under section 148 of the Income Tax Act to reopen the returns.

The department will also examine whether the company has taken higher tax exemption on export income under the section 10A of the Act, which gives tax exemption to income earned from software exports under Software Technology Park Scheme. If found that income from domestic business was shown under the head of export income, then the department will initiate action to recover tax dues with interest and penalty.

The department will also investigate the role of the auditors under Section 278 of the Act to see whether they have abetted the company to evade tax on income chargeable to tax. If found guilty, the auditors will be prosecuted, sources said.

Among other documents, the department will examine the claim that Satyam produced physical documents before the auditors as proof of banks deposits, tax deducted at source (TDS) certificates and tax refunds, if any.

The department may seek data from banks also. Price Waterhouse has informed all authorities including the Central Board of Direct Taxes that its audit report should not be relied upon in view of the admission of fraud in balance sheet by Raju.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions