News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
News Headlines »
 Step-by-step process to file income tax return online ITR filing FY19
  Order under section 119 of the Income-tax Act, 1961
  Things to keep in mind while filing ITR
 Here's how the new Form 16 will change income tax return filing this year
 Things you must keep in mind while filing income tax returns this year
 Five tax saving investments with tax-free income Double income tax benefits in 2019
 Companies (Incorporation) Fifth Amendment Rules, 2019
 Filing Income Tax Return? Here is list of important documents
 Who should and should not file ITR form 4 Income Tax Return (ITR) filing
 Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2019
 All You Need To Know About Form 16 And Its Role In ITR Filing

Govt may have to write off Rs 85,000cr tax arrears
January, 05th 2007

The government may have to write off a whopping Rs 85,000 crore tax arrears out of the total arrears accumulated over the past years as these have been found "non-recoverable" by the Income Tax department.

Out of the outstanding Rs 1,19,000 crore tax arrears up to 2003-04, about Rs 85,000 crore is "non-recoverable". This includes Rs 28,400 crore outstanding against the Harshad Mehta group of companies, banks and stock brokers involved in the 1992 Securities Scam, sources in the Finance Ministry said.

The department, which has so far recovered about Rs 10,000 crore arrears against the target of Rs 11,000 crore for 2006-07, has expressed helplessness in recovering the "non-recoverable" tax arrears.

"About Rs 85,000 crore arrears are outstanding only on paper, and are mounting every year due to interest addition," a senior Income Tax official said.

The "non-recoverable" dues also include about Rs 12,000 crore against companies and assesses whose assets have reduced due to closure of the units or fall in stocks. In many cases, the companies have vanished from the market or funds have already been transferred elsewhere before the recovery of tax arrears, the sources said.

In the Harshad Mehta case, the custodian appointed by the Supreme Court is in possession of Rs 1,700 crore, which could be distributed only among various stakeholders after the decision of the case, sources said.

The department has also expressed doubts about recovery of tax arrears from companies and persons involved in various scams like the Telgi scam and the fodder scam in Bihar.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions