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: TDS :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: due date for vat payment :: list of goods taxed at 4% :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: empanelment :: VAT RATES
 
 
General »
 How tax related, PAN grievances can be resolved through E-Nivaran
 Tackling income tax exemptions for equities and agriculture
 Amfi wants tax benefits for retirement plans
 Top five factors which could chart market direction in the coming week
 Tax rate hikes boost shadow economy
 Tax mop-up may decline in new amnesty scheme
 Weeks before Budget, Finance Minister Arun Jaitley lists out benefit of low tax rates
 Second home loan tax benefits
 Alarm bells over return of tax inspector raj
 Shah gets notices over civic tax dues
 Tax revenue down in first six months after prohibition

Satyam cooked books to show Rs27,000 crore
April, 30th 2009

Specific figures that reflect the magnitude of the swindle at Satyam Computer Services Ltd are coming to light.

The books of the software services firm were inflated to the tune of Rs27,167 crore between the fiscal year ended 31 March 2001 and September last year, mainly by inflating cash and bank balances, showing fictitious fixed deposits, non-existent interest on them and understating liabilities and overstating debtors, said officials at the Serious Fraud Investigation Office, an arm of the ministry of corporate affairs.

This massive manipulation of accounts was done through a vulnerable invoice management system and a weak accounting system, the officials said, on condition of anonymity. They added that the company had inflated its exports by over Rs4,500 crore in past seven years.

A part of the foreign currency generated from exports in the past six years has also not been remitted into the country, and Rs1,940 crore generated from these exports have not come back to India either, they 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