Income Tax Dept Names 31 Major Tax Defaulters Who Owe 1,500 Cr
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Moving ahead with its strategy of 'naming and shaming' large tax defaulters, the Income Tax department today came out with a list of 31 defaulters who owe over Rs 1,500 crore to the government.
Some of the big defaulters of income tax/corporate tax in the list are: Hyderabad-based Totem Infrastructure (401.64 crore), Pune-based Patheja Bros Forging & Auto Parts Mfg Co (Rs 224.05 crore), Hyderabad-based Royal Fabrics (Rs 158.94 crore); and Mumbai-based Home Trade (Rs 72.18 crore).
Asking the defaulters mentioned in the list to "pay tax arrears immediately", the Income Tax Department said the assessees are either "not traceable" or they have "inadequate assets for recovery".
This is the second such list released by the department within one month. The earlier list had names of 18 entities who owe over Rs 500 crore in tax to the exchequer.
The initiative, according to a senior tax official is aimed at publicising and putting these names in public domain so that the common man can come forward to help the department in knowing the whereabouts of these.
As per a statement given by government in Parliament, the total Corporate Tax demand pending for collection up to the month of December, 2014 was Rs 3,11,080 crore.
Government's efforts to improve revenue collection include, surveys for identification of potential tax evaders, gathering information from various sources, regular scrutiny, audit, joining global efforts to combat cross-border tax evasion and tax fraud and to promote international tax compliance. (Income Tax)
Some of the big defaulters of income tax/corporate tax in the list are: Hyderabad-based Totem Infrastructure (401.64 crore), Pune-based Patheja Bros Forging & Auto Parts Mfg Co (Rs 224.05 crore), Hyderabad-based Royal Fabrics (Rs 158.94 crore); and Mumbai-based Home Trade (Rs 72.18 crore).
Asking the defaulters mentioned in the list to "pay tax arrears immediately", the Income Tax Department said the assessees are either "not traceable" or they have "inadequate assets for recovery".
This is the second such list released by the department within one month. The earlier list had names of 18 entities who owe over Rs 500 crore in tax to the exchequer.
The initiative, according to a senior tax official is aimed at publicising and putting these names in public domain so that the common man can come forward to help the department in knowing the whereabouts of these.
As per a statement given by government in Parliament, the total Corporate Tax demand pending for collection up to the month of December, 2014 was Rs 3,11,080 crore.
Government's efforts to improve revenue collection include, surveys for identification of potential tax evaders, gathering information from various sources, regular scrutiny, audit, joining global efforts to combat cross-border tax evasion and tax fraud and to promote international tax compliance. (Income Tax)
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