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: ACCOUNTING STANDARDS :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: due date for vat payment :: TDS :: cpt :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: list of goods taxed at 4% :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company
Direct Tax »
 Mumbai zone direct tax collection flat in H1 FY17
 CBDT issues final rules for taxing share buy back by companies
 CBDT issues final rules for taxing share-buyback
 The direct tax collections up to September, 2016 are at Rs. 3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year.
 IDS is tremendous success: CBDT chief Rani Singh Nair
 Submit monthly data of appeals disposed of: CBDT to officers
 Direct tax mop-up jumps 9 per cent in H1, indirect tax up 26 per cent
 Income tax department slams notice on five Mumbai-based exporters over offshore accounts
 Redress TDS mismatch grievance of taxpayers: CBDT
 Tax department changes rule for accommodating deductions for deferred spectrum payment
 Tax dept renotifies income computation, disclosure standards

Income tax department attaches Mahindra Satyam assets
February, 04th 2012

The Central Board of Direct Taxes has attached the properties of beleaguered software outsourcer Satyam Computer Services, now rebranded Mahindra Satyam, to protect revenue that was due to it from the company.

The IT firm said it has received a provisional order from the taxman stating the attachment of properties was according to Section 281 B of the Income Tax Act. Section 281 B refers to recovery of tax and allows the tax department to issue provisional orders to the assessee to safeguard revenues accrued to it.

The provisional order is only an interim order and can be subject to further changes. A Mahindra Satyam spokesperson said the company would contest the order.

The company currently has seven campuses in Hyderabad. The income tax order comes just two days after Satyam announced its third quarter results reporting a fivefold yearon-year rise in net profit to Rs 308 crore. The firm also increased its tax provision in the quarter to Rs 500 crore from Rs 400 crore in last quarter.

Earlier this week, granting interim relief to Satyam, the Andhra Pradesh High Court stayed the Income Tax department's plea to encash a bank guarantee worth Rs 617 crore. The court also ordered a status quo on the assessment proceedings.

The Income Tax department had slapped notice on the company after disallowing exemptions claimed by the software firm. The company has received notices of demand for Rs 1,037 crore and Rs 1,075 crore for assessment years 2002-03 and 2007-08, respectively.

Ever since payment was demanded of Satyam, the firm has been constantly engaging with the tax department saying the computation of the tax dues were made based on the fictitious revenues recorded by the founder of Satyam B Ramalinga Raju.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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