 | « Back to article | Print this article |
Satyam, Raju owe Rs 541 crore in tax dues
In a written reply to the Lok Sabha, Minister of State for Finance S S Palanimanickam said, "As of now, the outstanding demand pending for recovery in the entire group is Rs 541 crore."
Satyam, Raju owe Rs 541 crore in tax dues
Out of the total dues, Satyam Computer, which has now been re-branded as Mahindra Satyam, alone owes a hefty Rs 532 crore (Rs 5.32 billion) to the income tax department.
Maytas Group promoted by the two sons of Raju, owes Rs 2.8 crore (Rs 28 million). Other than that, Ramalinga Raju and his other relatives need to pay about Rs 29 lakh (Rs 2.9 million), Palanimanickam said.
Satyam, Raju owe Rs 541 crore in tax dues
Moreover, other companies of the Satyam and Maytas groups need to pay another Rs 5.38 crore (Rs 53.8 million), he added.
Asked whether the income-tax authorities have re-opened the income tax assessment in respect of Raju and all other companies in which he was associated along with Satyam Computer, the minister said 'yes.'
He added that all the cases in which assessment have been re-opened are pending to be finalised by December 31, 2009.Satyam, Raju owe Rs 541 crore in tax dues
The income tax department is gathering information for finalising the pending assessment.
"The position regarding the amount of tax leviable in such cases can be quantified only on the completion of assessments, which would be finalised by December 31," Palanimanickam said.
Satyam, Raju owe Rs 541 crore in tax dues
Palanimanickam also said that the department may conduct special audit of the firms if required.
"As the assessment are still open, the decision to conduct special audit will be taken, if required, on the basis of examination of information in these pending cases," he said.
Satyam Computer plunged into a crisis following admission by its founder B Ramalinga Raju in January 7 of overstating the firm's profits.