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Individuals owe massive amount of money
A written reply to Rajya Sabha questions from Minister of State for Finance Jayant Sinha, has revealed that in India, 17 individuals have a whopping outstanding tax arrears worth Rs 2.14 lakh crore with each of them owing more than Rs 1,000 crore. The parliament has been informed that this amount is more than double the amount of total tax dues worth Rs 90,568 crore outstanding against 35 companies in this category.
8 lakh crore and counting
These individuals and the companies together hold direct tax arrears (including the demand not fallen due) worth Rs 8,247,680 crore, as on April 1, 2015. The number of taxpayers who owe over Rs 10 crore to the government rose by 69% to 4,692 in three years. The number in 2012-13 and 2013-14 were at 2,777 and 2,367, respectively.
Jayant Sinha has said that a large amount of this outstanding tax arrears may not be collected due to various reasons as the demand has been raised in March, 2015 and has not fallen due or the demand may have become difficult to recover. Rs 36,593 crore was collected from the arrears demand in 2014-15.
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