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: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: list of goods taxed at 4% :: form 3cd :: VAT Audit :: due date for vat payment :: cpt :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: articles on VAT and GST in India
 
 
« News Headlines »
 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
 How To File Income Tax Return (ITR) Online For FY2016-17? Last Date July 31
 Last date for filing income tax return approaches: What is Form 26AS? How it can help you claim refunds
 Income Tax department to launch mobile app to make life easy for taxpayers
 6 things to remember while filing your income tax return
 Want to save on tax? Here are deductions you can use while filing ITR
 July 31 Is Last Date For Filing Tax Return. Why Form 26AS Has To Be Checked

Large I-T team to look into Satyam fraud
February, 07th 2009

The Income-Tax department has mobilised a large number of staff members from its local offices for a comprehensive investigation into the fraud in Satyam Computers.

A top official said the staff will join duty in a day or two following the IT Chief Commissioners orders earlier this week. He said the investigations would not be a routine scrutiny but go deep into various issues. The department procured 400 more files of the company for scrutiny.

As many as six Commissioners had been appointed to oversee the process of centralisation of Income-Tax cases connected with 320 companies of Satyam group. Every assessment was being monitored by an Additional Commissioner who had put in no less than 15 years of service.

The investigation was focussed on how the fraud was committed, strategy employed and where money was siphoned off. The persons who planned and implemented the scandal were also being tracked down with precise dates. The cash and bank balances were checked with bank statements. He also said assessment year 2007-08 was the most crucial year of investigation since most of the companies promoted by Satyam group, especially those involved in land transactions, were floated in that year.

Meanwhile, Director General of Income-Tax (Investigation) Amalendu Das has said the department would reopen tax assessments of Satyam Computers in the previous years if the findings revealed that its income had escaped tax on account of the fraud in the company. According to the IT Act, the department can reopen assessment of Satyam for the assessment years 2002-03 to 2007-08 if its findings disclosed evasion of tax, he said.

One area that the department had focussed in detection of loss of income was whether any fictitious or inflated tax deduction at source (TDS) claims were made by Satyam Computers in previous years on non-existing fixed deposits. A suspicion about such claims was triggered by Satyams balance sheet on September 30 indicating a non-existent interest accrual of Rs. 374 crore from conjured up bank deposits.

Granted bail

A court on Friday granted bail to D. Gopalakrishnam Raju, general manager of SRSR Advisory Services, who was arrested in connection with the fraud. He was said to be a trusted man of former Satyam chairman B. Ramalinga Raju and was instrumental in the land deals. The Securities and Exchange Board of India concluded its three-day interrogation of Mr. Ramalinga Raju and his brother Rama Raju in jail. Two teams of SEBI questioned them separately following permission granted by the Supreme Court.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

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