Can Satyam claim a refund of taxes?
Kanu Doshi | January 19, 2009 13:17 IST Related Articles The Satyam fiasco: Complete coverage Today, the fraud at Satyam Computer Services [Get Quote] is one of the hottest topics around. There are so many questions relating to various taxation issues that are constantly cropping up. One of the common questions going through everyone’s mind is: Can Satyam claim a refund of taxes already paid on its inflated income for all the earlier years? In fact, such a situation could even arise in case an individual has inflated his income and paid taxes. Now that he has been caught or admitted to the fraud – can he claim refund of the already-paid taxes? The basic question would be why should an individual inflate his income? The main reason many people do this is because they want to get a higher loan from a bank. Or, sometimes it is also used to convert black money. The first issue is: Who is eligible for refund of income tax already paid? Simply put, any tax payer who has paid income tax, whic
