News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax | PPE Safety Kit SITRA Approved | PPE Safety Kit
Tally.ERP 9: Your one-stop solution from accounting to compliance. Inspired by the way you work, Tally is designed to delight you.
Top Headlines »
 5 key tax-related updates you need to know
 New TDS rates on high-value cash withdrawals apply from today. Know the details
 I-T department extends deadline for 2019-20 tax saving investments to July 31
 Income-tax (13th Amendment) Rules, 2020
 Filing tax return for the 1st time? Here's everything you need to know
 7 changes in income tax rules you need to know
 Extension Of The Income Tax Return Deadline For Year Of Assessment 2020
 Income Tax Return filing for FY2019-20: Here is all you need to do before filing your ITR
 Filing belated income tax return for 2018-19? Here is how you can file it online
 Six recent changes in tax compliance requirements you must know
 All you need to know about the revised tax filing forms

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 | PPE Kit SITRA Approved | PPE Safety Kit
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting