Rs 2.73 lakh cr of I-T dues in dispute
As much as Rs 2.73 lakh crore of outstanding income tax dues are locked up in tax disputes at various levels, Parliament was informed today.
"As on September 30, 2011, a net amount of Rs 3,50,000 crore approximately is outstanding as income tax dues, out of which Rs 2,73,000 crore approximately is locked up in tax dispute at various levels," Minister of State for Finance S S Palanimanickam said in a written reply to the Rajya Sabha.
On the question of steps being taken to recover the pending dues and reduce unnecessary litigation, he replied that the "Income Tax department was using all measures for the recovery ... as per the provisions in Income Tax Act, 1961".
There were 1,159 company cases where the dues are more than Rs 10 crore, involving a net outstanding demand of Rs 1,00,836 crore, he informed.
On a question on any company from whom tax worth more than Rs 1 crore is due for recovery, he said, "The details … are not being centrally maintained and ... this shall involve substantial manpower and may affect the core functions of the department."
Explaining the steps taken to reduce unnecessary litigation, Palanimanickam said the threshold limits for filing appeals before Income Tax Appellate Tribunal (ITAT),
High Courts and Supreme Court have been enhanced.
On recovery target on pending dues for 2011-12, the minister said the target for cash collection out of arrear demand for 2010-11 and 2011-12 are Rs 13,906 crore and Rs 16,954 crore respectively.
To another question on the amount of revenue collection till December 2011, Finance Minister Pranab Mukherjee, in written reply, said, "Total direct taxes realised during April-December last year were Rs 3,23,955 crore, up by 8.4 per cent, over the corresponding period of previous year."
Similarly, total indirect taxes realised during April-December were Rs 2,65,448.15 crore, up by 17 per cent over the corresponding period of the previous year, he added.
SOURCE: financialexpress.com
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