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: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: due date for vat payment :: list of goods taxed at 4% :: empanelment :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: cpt :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: VAT RATES :: VAT Audit :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« Direct Tax »
 CBDT launches online chat to answer taxpayers' queries
 CBDT issues draft rules on registration of religious trusts
 Entities with low TDS deduction on radar of tax department
 Income tax unions threaten stir against new software rollout
 CBEC Issued 41 Notifications In A Day To Give Effect To GST Council Decisions In 22nd Meet
 CBEC Issued 41 Notifications In A Day To Give Effect To GST Council Decisions In 22nd Meet
 CBEC Issued 41 Notifications In A Day To Give Effect To GST Council Decisions In 22nd Meet
 CBDT seeks suggestions on framing of rules on country-by-country reporting
 Is it the end of the road for tax havens?
 Government Collects Rs 3.86 Lakh Crore as Direct Tax Till September
 TDS IS PART OF SUM PAYABLE TO PAYEE and is trading liability- interest paid for delayed deposit of TDS is allowable expenditure

CBDT notice worries Mahindra Satyam staff
March, 28th 2011

The Central Board of Direct Taxes' notice on Mahindra Satyam to pay Rs 616 crore in tax arrears for the scam period of 2002-2008, and the Andhra Pradesh High Court ruling to freeze the company's accounts have come as a rude shock to the employees of the crisis-hit company.

The amount in question is not small. It might impact the bottomline if we are to pay the amount, Mr Srinivas Reddy (name changed), an employee, told Business Line.

The employees are also worried because the pay day is fast approaching.

On Friday, the High Court refrained Mahindra Satyam and the Income Tax Department from accessing the former's bank accounts. The company was asked to give an undertaking stating that it would not touch the accounts till March 31.

Meanwhile, the management wrote a letter to all its employees across the globe that they were on the right side of the case and there was nothing to worry. You will read further media articles on this issue tomorrow, elaborating on the matter of frozen bank accounts. While the amount sought to be recovered is about Rs 616 crore, the balances in our bank accounts are far in excess of the tax demands, said Mr Hari T, Chief People's Officer of Mahindra Satyam.

The letter was written a day before the court took the decision to freeze the bank accounts.

Our decision to contest the CBDT order is based on our conviction on this issue. All these will not impair our ability to run the day-to-day operations in any way, he said.

This issue (tax demand from IT Department) is true and we are dealing with the same at the highest level. In principle, MSat has taken a position that the recovery order is unfair. We have decided to seek judicial remedy, he said.

Mr Hari said the staff need not worry about their salaries. We have funds to meet the pay day requirements, he said.

 
 
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 Portfolio

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