The Income Tax Department has initiated an independent probe into the Rs 7,800 crore accounting scam in Satyam. Giving this information to media persons in Mumbai today,
Mr N B Singh, Chairman, Central Board of Direct Taxes said “ the department has begun its probe.” He however, declined to give a timeline for completion of the probe. The IT Department will conduct the probe with special attention on Tax Deducted at Source, especially with regard to allegedly non-existent employees of the company and other benami transactions
Economic slow down affects tax collections
Commenting upon the slow down in the economy, Mr Singh said “ economic recession has a direct bearing on tax collections.” Mr. Singh informed that as of now, the Income tax collections have fallen short by Rs 20,000 crores.
IT Department to have ultra modern office complex in Nariman Point
Mr N B Singh, was in Mumbai to lay the foundation stone for a new ultra-modern office-cum- residential complex in the up-market Nariman Point Business District. The new building, designed by UK based architects – M/s Chapman Taylor, incorporates features of a ship’s sail and will come up on a plot admeasuring over 3,300 square meters, right behind the NCPA. It will house a 300 capacity auditorium, IT offices and some residential blocks. The estimated cost of the building is Rs 51.70 crores and the construction work has been entrusted to the National Building Construction Corporation, NBCC.