Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: VAT RATES :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ACCOUNTING STANDARDS :: empanelment :: list of goods taxed at 4% :: VAT Audit :: cpt :: form 3cd
 
 
News Headlines »
 Know how you can claim return of income in Form 26 AS case
 What you must know for tax filing this year
 How to file tax return if you have two Form 16s
 10 things you should know about Form 26 AS
 How to file income tax return without Form 16
 How to rectify income tax returns
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid
 All you need to know about form 26AS
 How to file income tax return?
 7 changes that affect income tax return filing this year

Tax sleuths join Sathyam probe - IT sourecs
January, 17th 2009

The income tax department has joined the various other agencies in forming a special team to probe the affairs in Satyam Computer Services.

IT sources told TOI that Satyam used to pay around Rs 100 crore per annum as income tax. "The confession by B Ramalinga Raju that profits were cooked up over successive years has forced us to launch an enquiry into the returns filed by the company as by showing what now is turning to be inflated figures, they had availed of a lot of concessions," said an official.

The special team, which was constituted on January 12, has got down to business. "The team will examine the balance sheets, financial statements
and IT returns filed by the Satyam computers in the past few years," the official said.

Amlendu Das, Director General (investigation) Income Tax, Hyderabad, told TOI that the IT department has began investigation into the Satyam issue and that they were in touch with the Serious Fraud Investigation Office (SFIO) personnel and SEBI officials.

On the baffling question as to how did the IT department not detect the `inflated' profits, department officials said: "If any firm is inconsistent in paying tax or suddenly started paying less amount as tax, one would examine the accounts. But in Satyam's case, no abnormal filing of returns was noticed."

So far, the IT special team has not visited any of the Satyam offices. IT officials said the need to seize any documents under Section 132 of the Income-Tax Act did not arise so far as most of the tax related records of Satyam are already in the IT department's possession.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

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