Rs 1.33 lakh crore tax non-recoverable: Fin Min to Par panel

http://www.lensonnews.com/lensonnews/1/57/30847/1/rs-1.33-lakh-crore-tax-non-recoverable:-fin-min-to-par-panel.html

New Delhi, Dec 2 – A Parliamentary committee has come down heavily on the Finance Ministry for writing off over Rs 1.33 lakh crore as non-recoverable direct tax saying it owes an explanation on how the situation was allowed to reach “irretrievable” levels.
The Parliamentary Standing Committee on Finance has expressed surprise that out of a total demand of Rs 2,48,927 crore as direct tax arrear, Rs 1,33,665 crore is not “realisable”.
It said a tax demand of Rs 61,846 crore falls under the category of “difficult to recover”, leaving a balance of mere Rs 7,348 crore as collectible arrears.
“The Committee are alarmed at such a huge amount of tax due to government, which cannot be collected at all. The Department of Revenue thus owes an explanation to the Committee as to how such an irretrievable situation arose,” the panel has said in its draft report.
The Department of Revenue told the Committee that recovery of tax arrears from Pune businessman Hassan Ali Khan, an accused in cases of money laundering, is not possible despite attaching his known movable and immovable assets.
It said as per the existing guidelines, recovery through sale of attached properties can be made only after the decision of appeal filed before the Income Tax Appellate Tribunal.
“Further, the attached assets are inadequate to recover the entire dues,” it said. In cases related to the security scam also, the recovery is not possible as it pertains to persons notified under the Special Court (TORT Act, 1992), and no recovery can be made directly from these persons, the department said.
It said out of the total arrear of Rs 2,48,927 crore, Rs 1,30,500 crore pertained to money laundering and securities scam cases.
On the issue of Hassan Ali and Securities Scam issue, The Department of Revenue had made a similar presentation before Public Accounts Committee (PAC) recently. PTI
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About janamejayan

A Viraat Hindu dedicated to spread the message of Paramacharya of Kanchi
This entry was posted in Anti-national Congress Party, corruption India, Crimes India. Bookmark the permalink.

One Response to Rs 1.33 lakh crore tax non-recoverable: Fin Min to Par panel

  1. Raman says:

    While the IT Dept takes all measures to recover an amount of 10000 it is really preposterous to allow the big fishes from paying the taxes ostensibly they may hv contributed to the Cong fund or helped some of the top leaders.Hassan Ali is concerned it is reported that he was dealing in hawala deals and has close connection with Sonia.May be the other cases also will be something like that.When such a huge amount is treated as bad why the UPA is embarking on the scheme of cash for subsidy direct to the farmers etc.So there is much fishy in the deals and especially when the fiscal deficit is alarming at abt 5 lakh crores and they want to fill that with cutting LPG cylinders,increasing diesel price,etc and expect money wil flow like anything for the FDI in multi brand retail from Walmart to arrest th fiscal deficit and at the same time looting in all sectors.Who is to be made accountable for this.Certainly Chidambaram owes an answer for his tactics to see the Congress come to power as he is more interested in sitting in the Chair of PM than in the welfare of the country.He is a traitor of the Nation by adopting wrong policies and looting ,grabbing land etc for his family and shuld be publicly lynched.

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