The Inccome Tax Department has constituted a special cell to deal with the recovery of arrears where the assessee is not traceable or has gone bankrupt. Stating this in a written reply in the Rajya Sabha, Finance Minister P.Chidambaram said the IT department has made recoveries of over 16 thousand crore rupees in the nine months from April to December last year. He said, a sum of over four lakh crore rupees is outstanding as Income Tax arrears. Major defaulters include Hassan Ali Khan with over one lakh crore rupees tax dues, Chandrika Tapuriah and the late Harshad Mehta.
News On AIR | March 12, 2013 2:34 PM
IT Dept Special Cell to trace bankrupt or missing assesses for recoveries