Corporates Owe Over Rs 2.46 Lakh Cr in Taxes: Govt - The New Indian Express

Corporates Owe Over Rs 2.46 Lakh Cr in Taxes: Govt

Published: 07th February 2014 04:38 PM

Last Updated: 07th February 2014 04:38 PM

Corporate houses owe a staggering Rs 2,46,416 crore in taxes and the I-T department has devised a strategy to recover them, Parliament was informed today.

In a written reply to the Lok Sabha, Minister of State for Finance J D Seelam said that no separate data of outstanding demand from big corporates, as a separate category or class, is maintained.

"However, the amount of total corporate tax demand outstanding, as on December 31, 2013, is Rs 2,46,416 crore," he said, adding that "there are 45 corporates cases where direct tax demand above Rs 500 crore is outstanding".

He further said that apart from statutory measures taken for recovery of outstanding tax dues, the Income Tax department had devised an elaborate strategy to recover the outstanding taxes.

The strategy includes strict monitoring and review of actions for the recovery, taking assistance of investigation wing in important cases and early disposal of appeals especially in high demand cases.

Replying to another question, Seelam said that during the April-December 2013 period, the I-T department executed 3,139 search warrants and assets worth Rs 565.4 crore were seized.

In 2012-13, the department had executed 3,889 search warrants and assets worth Rs 575.08 crore were seized.

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