Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get 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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: form 3cd :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: TDS :: Central Excise rule to resale the machines to a new company :: VAT RATES
 
 
General »
 How young earners can claim HRA tax exemption with ease
 IT firms eye change in foreign tax credit rule
 The most thrilling idea before every Budget: No income tax
 Finance Ministry likely to tweak Minimum Alternate Tax norms to boost industry
 Income tax department warns people to keep away from benami transactions
 New helpline for income tax e-filing
 The Central Government notifies the Companies (Amendment) Act, 2017
 GST Returns: Government Relaxes Rectification Norms
 Will govt bring change in income tax slab? here's the present structure
 No income tax exemption to cooperative banks
 Bitcoin investors may have to pay capital gains tax

Satyam gets relief in assets attachment case
February, 16th 2012

The Andhra Pradesh High Court granted a breather to IT outsourcing firm Satyam Computer Services, now rebranded as Mahindra Satyam, on Wednesday by staying the Income Tax Department's provisional order to attach properties of the IT firm. The court said the Central Board of Direct Taxes (CBDT) had violated the Court's order by issuing an interim order to the firm on February 4.

The CBDT's counsel said the department had issued the order anticipating tax accrued to the department amounting to 4,000 crore. However, the court said the CBDT had not produced sufficient documentary evidence to support this tax claim. The IT firm had challenged the notices of tax authorities by filing a writ petition in the court.

CBDT had passed a pre-dated provisional order on January 30 to attach properties of SCS to protect revenue that was due to it from the software outsourcer. The provisional order was issued under Section 281 B of the Income Tax Act that 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.

In the first week of February, Satyam announced its third quarter results reporting a five-fold year-on-year rise in net profit to 308 crore.

It has also increased its tax provision in the quarter to 500 crore from 400 crore in the previous quarter. In its last order, the AP High Court stayed the Income Tax Department's plea to encash a bank guarantee worth 617 crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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