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LIC Tops Tax defaulter List, With Default Exceeding Rs.7000cr

Subhash Chandra Agrawal for BeyondHeadlines

Life Insurance Corporation of India (LIC) has emerged as the biggest income tax defaulter with tax-default exceeding rupees 70000000000: Income Tax Department provides lists of ten top tax-defaulters in each category.

It refers to Income Tax Department ultimately providing lists of top ten tax-defaulters for each of the categories for last two years subsequent to a CIC-verdict. Surprisingly many companies and others under direct control/ownership of central and state governments figure in the list of prominent tax-defaulters with Life Insurance Corporation of India topping the list with tax-default of rupees 70270858414. For companies of Central government, it is like money paid as tax going from one pocket of the government to the other. There should be a perfect tax-discipline in respect of tax-payments by government-owned companies.

List of top ten tax-defaulters reveal tax-defaults in ten/eleven digits by many individuals/companies/firms/societies/HUFs etc. Since list sought and provided is just of top ten defaulters in each category, there are certainly other big tax-defaulters.

Central Board of Direct Taxes (CBDT) should launch a crash programme for tax-recovery from such big tax-defaulters most of whom are super-rich in themselves. For a fiscal discipline, CBDT should put lists of tax-defaulters with rupees one crore or more in tax-default on website updated every three months with responsibility fixed on concerned tax- and recovery officers to reduce tax-defaults in every quarterly updated lists of tax-defaulters.

Those having obtained stay-orders from the courts should be star-marked for easy distinction. Funds which should be for development-projects, must not be allowed to be utilized by tax-defaulters with a nominal interest-rate charged under Income Tax Act.

LIST OF TOP TEN DEFAULTER

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