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
Latest Expert Exchange
« General »
 The Central Board of Direct Taxes unveiled new Income Tax Return forms for assessment year 2018-19 on 5 April. Although the manner of filing returns remains the same as compared to last year, certain changes have been incorporated in the new ITR forms.
 Income Tax efiling: Must-do steps to file your IT return for FY 2017-18 on time till you get Form 16
 What are the tax filing deadlines for financial year 2017-18?
 How income tax department can penalise you for under-reporting, misreporting income
 Start your tax planning right now
 Government confident of meeting fiscal deficit, tax revenue targets
 Clarification with respect to the E-way Bill System
 Here is how you can save on taxes
 Here’s all you should know about filing Income Tax Return before March 31
 Tax benefits continue to accrue even after PPF a/c is transferred to another bank
 When you may have to visit income tax department’s compliance portal

Finance dept, not HRD, managed Satyam payroll
April, 17th 2009

The payroll at tainted Satyam Computer Services was managed entirely by its finance department, while the IT firms human resources department only maintained the data base of its associates on SAP human resources network (SHINE).

Payroll was not run on SHINE, according to evidences provided to key investigating agencies probing the scam. These evidences are set to form the basis for the next phase of the investigation by the Central Bureau of Investigation (CBI), that is probing the recruitment process.

The role of Satyams erstwhile finance team has come in the spotlight after the firms disgraced founder confessed to perpetrating the Rs 7,000-crore financial fraud. The CBI reckons that Raju began an aggressive recruitment of employees to justify the inflated revenues.

The finance department connived with Raju to inflate sales by generating fake invoices in the invoice management system to show non-existent sales of Rs 5,117 crore. The average inflated sales was around 18%, according to the chargesheet filed by the CBI.

The agency has begun scrutinising the expenditure of Satyam to assess the quantum of money that went into paying salaries on bloated workforce.

Satyam has around 48,000 employees and investigating agencies have found validated this count. The HR department apparently had access control rights to SHINE, while the finance and a few other departments were able to view the data.

The finance department was provided with information on addition of new associates, resignation of existing ones and changes in the pay structure. But the pay-roll was processed on a system that the finance department had developed independently.

A new associate had to open a bank account in a designated bank and the account number was shared with both the HR and the payroll.

The payroll was made by a statutory compliance team. But, doubts are being raised, if the details of employees, who quit the firm, were deleted from the payroll.

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

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