(a) the outstanding amount of income tax due
from nationalised/private banks and the
financial institutions in the country as
on March 31, 2005 ;
(b) the reasons for accumulation of
outstanding amount; and
(c) the steps taken/proposed to be taken by
the Government to recover the outstanding
amount of Income Tax?
MINISTER OF FINANCE (SHRI P. CHIDAMBARAM)
(a), (b) and (c): A statement is laid on
the Table of the House.
STATEMENT REFERRED TO IN REPLY TO PARTS (a), (b) and (c) OF THE LOK SABHA STARRED QUESTION
NO. 698 FOR ANSWER ON 13.5.2005
(a ) : As per the latest available dossiers
of arrear demand of Rs. 1 crore and above, a
total amount of Rs. 6381 crore is pending
against 263 nationalised banks, private banks,
public sector financial institutions and private
non-banking finance companies as on 31.12.2004.
(b) : There are various reasons for
accumulation of outstanding amount like
demand in dispute before various appellate
authorities, assessee having no assets, assessee
company being in liquidation, demand having been
stayed etc.
(c) : Recovery of outstanding demand is a
continuous process involving various statutory
procedures. Action taken by the Government to
recover any dues would depend on the facts of
each case.