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: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: TDS :: Central Excise rule to resale the machines to a new company :: VAT RATES :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: form 3cd :: ACCOUNTING STANDARDS :: empanelment :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit
 
 
« News Headlines »
 Income Tax Department expands list of deposits, transactions under scrutiny
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns

TDS details of Satyam employees under I-T lens
January, 27th 2009

The Central Board of Direct Taxes has sought a fresh report from its field officers about the details of tax deducted at source (TDS) submitted by Satyam, to get fresh leads in the case after the Andhra Pradesh CID accused the company of having 13,000 ghost employees on its rolls, a senior government official said.

Preliminary examination of the TDS data indicated the company had nearly 47,000 employees, said the official, who did not wish to be identified. Satyams internal assessment also confirms it has close to 50,000 employees. We dont know the exact number of employees but were comfortable with the fact that theres no large-scale fraud in employee numbers. Were in the middle of processing the salaries for January.

We have checked the employee numbers in many different ways and were going ahead with salaries of those people, said Satyam board member Kiran Karnik. Satyam had 47,000 employees with salaries in the taxable limit, but it may have also had scores of employees with salaries below the tax threshold. Tax authorities will now look into the companys returns and permanent account numbers (PAN) of employees quoted in the returns filed by Satyam in the past few years.

Tax authorities would also check the TDS details of payments made to contractors and suppliers, the official said.

According to income-tax department data, Satyam was among the top 30 tax deductors in the country, with 47,000 employees. The TDS submitted by Satyam surpassed that of large companies such as ONGC, TCS and Air India.
 
Every company has to mandatorily deduct tax from each employees salary in line with the tax bracket. A company also has to file a TDS return with the I-T authorities every quarter. This return form (Form 24Q), which is separate from the companys own annual income-tax return form, mentions PANs of employees for the deducted tax.

IT officials at the field level have already submitted a preliminary report and a status report on the case. The authorities have also decided to open the assessment of Satyams I-T returns for the past six years. They are also likely to examine the TDS certificates from banks in lieu of the tax deducted on interest payments on Satyams deposits, submitted by the company along with its income-tax returns.

 
 
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 Experience

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