Tax defaulters are in serious trouble as of now as the Income Tax Department has already made the list of chronic tax defaulters public on their website. A list of 29 entities has been released which together owe a total of Rs. 448 crores in taxes to the income tax department. This new move by the IT Department is seen as its latest strategy to recover the tax arrears as soon as possible and also to name and shame the major tax defaulters in public.
The list of income tax and corporate tax defaulters released by the Income Tax Department in the leading local dailies of the country has also mentioned it very clearly to the large defaulters to pay the tax arrears at the earliest possible. As a matter of fact, the Income Tax Department had named 67 such entities earlier too which were liable to pay enormous amount of money in taxes as they were trying to evade tax returns by showing no assets for recovery. Many of them had also gone non-traceable since then.
In order to receive more information from the general public regarding these tax defaulters, the IT Department has released crucial details of them like PAN card numbers, last known address and the amount of taxes due in public.
CBDT(Central Board of Direct Taxes), in the wake of recovering tax returns from the major tax defaulters has adopted this strategy of naming the large defaulters in public domain a few years ago and since then had continuously been listing their details on their official website.
The notice also stated – “The specifics regarding assessment year and tax arrears have been mentioned in the list. However, it might be possible that the tax defaulter’s address, shareholding or the type of business has changed from what it was at the time of releasing the notice”.
This latest development carried out by the Income Tax department has been seen as a strict measure to penalise tax evaders and make them aware of the fact that if the taxes doesn’t get paid in time and at regular intervals the government may seize their business or some serious repercussions must be expected by those who are at default.
Tax evaders must be in a state of great panic as the IT Department has gone immensely strict and has also mentioned the height of the seriousness of the said crime i.e. evasion of taxes. Basically, it is a kind of spread of defaulted tax awareness among the general public and has been seen as a very positive change in context of the Indian Economy and its working. May be this could at least put some fear in the mind of tax defaulters at large and can pave the way for an economy that would be robust and powerful at the same time.