India Tribune

Monday, Dec 22nd

Last update:09:47:32 PM GMT

Headlines:
Serving the Asian Indian community in the US for over 36 years. ***** Established in 1977 ***** Published in three editions - Chicago, New York and Atlanta. ***** Reaches over sixty thousand people every week.
You are here: Home India Business ‘Rs. 1.33 lakh cr. tax non-recoverable’

‘Rs. 1.33 lakh cr. tax non-recoverable’

E-mail Print PDF

New Delhi: 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. 248,927 crore as direct tax arrear, Rs. 133,665 crore is not “realizable.”

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.

It said out of the total arrear of Rs. 248,927 crore, Rs. 1,30,500 crore pertained to money laundering and securities scam cases.

The Hassan Ali Khan group has a tax arrear of Rs. 91,859 crore, the Ministry said. Besides Hassan Ali Khan group, it said, Harshad Mehta Group has arrears of Rs. 20,244 crore; Ketan Parekh Group — Rs. 4,017 crore and Dalal Group — Rs. 14,379 crore.