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.
Attachment of Properties Against Tax Arrears
News posted by
CCI News Desk
Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.
Recent News :
- UPI Remains Free for P2P Transactions, 96% of Merchant Payments Unaffected
- Finance Ministry Notifies No-Charge Rule for RuPay Debit Cards and UPI up to Rs 2000
- MAT & AMT Under Income Tax Act 2025: Rates, Applicability and Credit Rules
- CBDT Notifies SFT Rules for Depository Transactions Under Income Tax Act 2025
- CBDT Notifies SFT Reporting Rules for Mutual Fund Transactions by RTAs Under IT Act 2025
- CAs Under Tax Audit Pressure as Sept 30 Deadline Approaches: No CBDT Extension Yet
- Delhi High Court Mandates Biometric Aadhaar Authentication for All New GST Registrations
- Big Change for Banking Records: New Bankers' Books Evidence Act Takes Effect from 1st Oct 2026
- ICAI Handbook on NRI Residential Status: Key Tax & FEMA Rules Explained
- Congress Leader Alleges CAs Aid Tax Evasion, Sparks Debate Among Tax Professionals
Popular News
- Income from House Property Under Income Tax Act 2025
- Doctor Pays Rs 58 Crore in Tax on Rs 149 Crore Income, Sparks Debate Over Taxpayer Value
- Income from Other Sources Under Income Tax Act 2025: Key Rules, Taxable Incomes and Deductions
- CBDT Notifies SFT Rules for Depository Transactions Under Income Tax Act 2025
- CBDT Notifies SFT Reporting Rules for Mutual Fund Transactions by RTAs Under IT Act 2025
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
