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The Income-tax Department will target an arrear recovery of Rs 13,906 crore in the current financial year 2010-11.
This was stated by the Finance Minister, Mr Pranab Mukherjee, in a written reply to a starred question in the Lok Sabha. Out of the total arrears, the amount locked up in disputes between the Income-tax Department and taxpayers as on January 2011 is Rs 1,60,499 crore, he said.
Meanwhile, Mr Mukherjee said that the data base regarding the outstanding demand against companies from whom income-tax exceeding Rs 1 crore is due and the time since such amount is due is not maintained centrally.
However, the total demand due (arrear + current) from companies up to December 2010 is Rs 1,02,763 crore. As part of the steps to recover the pending dues, the Budget 2011-12 has widened the scope of cases where application can be filed before the Settlement Commission.
New proposal
According to the new proposal, entities, which are a subject matter of search, would now be allowed to file an application for settlement if additional income-tax payable in their application exceeds Rs 10 lakh.
Under the existing provisions, an applicant who had been searched and in whose case, search assessment proceedings have been initiated, could file an application before the Settlement Commission, if the additional amount of income-tax payable on the income disclosed in the application exceeds Rs 50 lakh.
For speedy recovery of taxes, it has also been decided to set up three more benches of the Settlement Commission.
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