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I-T dept seeks addl Rs 61,412cr mop-up
May, 14th 2007

The Income Tax (I-T) department has issued notices to major corporates, rich individuals and other assessees, demanding additional taxes of Rs 61,412 crore.

"After the scrutiny of tax returns filed over the years and processing of returns for FY06, the department issued notices demanding additional tax of Rs 61,412 crore by March 31," a senior I-T official said.

He said the notices have been issued to assesses, which included major corporates and high net worth individuals.

Admitting differences in tax liability and tax submitted, the official said the assessees have already deposited as much as Rs 19,306 crore, about one-third of what was demanded.

This has helped Finance Ministry meet the revised target of Rs 2,29,007 crore direct tax collections for FY07.

Total direct tax collections, including personal income tax and corporate tax, reached Rs 2,29,181 crore during the fiscal.

The department is hopeful of realising a major portion of the remaining tax in coming months, the official said. Tax demands may be lowered as there was a possibility of a section of assessees contesting against the department in tax tribunals and courts, he added.

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