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Monday 28 March 2011

Joke of the Day: Income tax on Satyam's non-existent profits

The Indian Income Tax department has sent a notice to Mahindra Satyam to pay up Rs 616 crores as tax on income that was later revealed to be fudged by the great magician Ramalinga Raju. The desperation of the IT department to garner revenues from whatever means possible is resulting in such hilarious acts.

Needless to say, Mahindra Satyam has said that they will contest this claim in court. So, obviously the IT department is unlikely to get any money at all on this account. What is interesting to see is the complete hands-off approach from the Ministry of Corporate Affairs and the Government of India who jumped in to put in place a caretaker management and sold off Satyam (or what remained of it) to the highest bidder. Shouldn't the Government have stepped in and instructed the IT department to stop making itself a laughing stock?

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