Home ECONOMY Rs.4.85 lakh crore tax due from corporates

Rs.4.85 lakh crore tax due from corporates

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New Delhi, April 28:

Corporates owed over Rs.4.85 lakh crore to the government as outstanding dues under direct and indirect taxes towards the end of the last fiscal, parliament was told on Tuesday.

income tax forms“The total outstanding tax demand pending collection under the head corporate tax under the Direct Tax laws as on February 28 is over Rs.3.20 lakh crore,” Minister of State for Finance Jayant Sinha told the Rajya Sabha in a written reply.

As on March 31, the total amount outstanding under indirect taxes is about Rs.1.65 lakh crore, he added.

There are 77 companies with an outstanding tax demand of Rs.500 crore or more as on end-March, the minister said.

The income tax department has devised a scheme of action by field officers, which includes setting targets for recovery of arrears and current demand raised, regular monitoring of actions of the assessing officer by higher authorities, Sinha said.

The statute also provides for attachment of movable properties or attachment and sale of immovable properties for recovery of tax dues, he added. (IANS)