17 Indians probably have a huge problem with how their tax money is being used by the government. How else can one explain their tax due of Rs 2.14 lakh crore, where each of them owes more than Rs 1000 crore. This is more than double the amount of tax dues worth Rs 90,568 crore outstanding against 35 companies. Minister of State for Finance Jayant Sinha just informed the Parliament on this matter.
Together, these individuals and companies account for more than one-third of the overall direct tax arrears (including the demand not fallen due), which stood at Rs 8,27,680 crore as on April 1, 2015. At the same time, the number of taxpayers owing over Rs 10 crore to the government rose by about 69 percent to 4,692 in three years to March, 2015.
“Action for recovery of this outstanding demand is taken in accordance with the provisions of the Income Tax Act on a continuous basis. However, a large proportion of these demands may not be collectible as the demand has been raised in March, 2015 and has not fallen due or the demand may have become difficult to recover,” said Sinha.
During fiscal 2014-15, an overall collection of Rs 36,593 crore was made from the arrear demand. The number of taxpayers who owe taxes above Rs 10 crore during 2012-13 and 2013-14 were at 2,777 and 2,367, respectively. Sinha also said that the Central Board of Direct Taxes continuously monitors recovery in cases of outstanding arrear demand. The agency has issued detailed guidelines relating to recovery of outstanding demand.
Strange country, India! You get away with almost anything for a pretty long time. So live your life, non tax payers. By the time you will receive your sentence you will either be dead or too rich to be sent to jail.Feature image source: NDTV