February 9, 2009

Sample Survey to verify Satyam Headcount

Filed under: Fiasco, Headcount, Satyam, Scams — Tags: , , — hrcases @ 11:51 am

The Income-Tax department has mobilized a large number of staff members from its local offices for a comprehensive investigation into the fraud in Satyam Computers. The investigations would not be a routine scrutiny but go deep into various issues.

These investigations are basically aimed at finding out how the fraud was committed and where the money was siphoned off.

To verify allegations of fudged headcount, the Income Tax department will do a sample study on 1,000 employees. Based on the address mentioned for the income tax returns filed in the 2007-08 fiscal, the IT officials will visit each house and make inquiries.

A sample of 1,000 employees would be taken up for verification and based on its results further investigations would be done. Though the timing of the study would have a surprise element.

The I-T officials will also verify whether tax deducted at source (TDS) of 53,000 employees was paid as claimed by Ramalinga Raju in his confession. Letters have been sent to different banks to check the genuinity of bank statements filed by Ramalinga Raju and his aides to the department in the tax return filed by them.

Income tax officials said identifying fictitious accounts was difficult based on permanent account number (PAN) as many unknowingly file their tax returns with wrong PAN number. As a result, the Investigation would not be done based on PAN number.

Source: The Times of India group.


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