(Category: Mutual Funds) (Source: The Times of India, Delhi, June 14)
The Income Tax department has circulated dossiers of at least 550 high net worth individuals and entities — who have wilfully defaulted or have unpaid tax of Rs 25 crore and above — to field officers for recovery as Rs 2.5 lakh crore, almost 66% of the total direct tax collection of 2009-10.
The dossiers include information on recently acquired properties of these entities, their bank transactions and details of investments made by them in shares and mutual funds. Joint director and additional commissioner rank officers who have been armed with these dossiers have been asked to supervise the cases and, if necessary, initiate attachment proceedings, sources said. Till March 31, the total arrears were Rs 2.30 lakh crore and with the start of the new fiscal, another Rs 20,000 crore has been added to this figure. Last year, the department had managed to recover nearly Rs 12,000 crore. The target for this year has been fixed at Rs 14,000 crore