Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Attachment of Properties Against Tax Arrears

Posted on 13 December 2014,    
 11463 Views   Share Report

Total amount of direct taxed arrear demand as on 31.10.2014 is Rs. 6,15,295 crore. An amount of Rs. 23,653 crore has been collected/recovered during the period 1.4.2014 to 31.10.2014. 

The target for cash collection out of arrear demand by the field authorities for the FY 2014-15 has been fixed at Rs. 41,997 crore. Out of the total arrear demand as above, demand of Rs. 5,82, 106 crore has been categorized as being difficult to recover, as on 31.10.2014. 

Income-tax Act, 1961 gives the power to the Assessing Officers/Tax Recovery Officers to attach the properties, movable or immovable, in appropriate cases of tax defaulters. It also empowers the Central Government to publish the names of the tax-defaulters, if it considers necessary or expedient in the public interest and in accordance with the prescribed guidelines. 

Total amount of tax arrears outstanding, as on 31.10.2014, against notified persons under the Special Court (Trial of Offences relating to Securities) Act, 1992 is Rs. 36, 254 crore. The Central Government appoints the Custodian/s, for the purposes of the said Act, who is/are empowered to notify the persons to be covered under this Act. All properties, movable or immovable or both, are attached simultaneously with the issue of the notification. Any recovery of tax arrears in case of these notified persons is made through the office of the Custodian/s, Income-tax authorities regularly follow up with the Special Court in matters of recovery of tax demand in such cases. 

This information was given by the Minister of State of Finance, Shri Jayant Sinha in written reply to a question in Lok Sabha today. 

Tags :  


Popular News

caclubindia books caclubindia books Book

Browse by Category