Tax Defaulters – Beware, names to appear in Newspaper soon

The tax recovery of more than Rs one lac crore has been held up because of the non availability of information of the defaulters, the  Income Tax department is working on plans to publish the names of the defaulters in the newspaper.

The problem has been further compounded with several of the tax defaulters having created ‘benami’ assets to escape the dragnet. The I-T department is embarking on this for bringing the names of tax defaulters in public domain in a bid to expose them. The department, according to the official proposal, will publish in newspapers the names of those defaulting assessees who are either not traceable or whose assets are not identifiable.

Informants, in such cases, will also be given incentives which may include cash rewards, the proposal said.

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eMinds Legal Consulting Pvt. Ltd. is a Consulting Firm in India specialzing in Corporate Laws, Compliances, Secretarial, FEMA, Indirect Taxation, Cyber Laws & Contracts. The Firm comprises of a team of professionals of Company Secretaries, Lawyers and Chartered Accountants with an in-depth subject matter knowledge and participative industry experience of over 12 years.

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