With dues of over Rs. 7,000 crore, LIC is the largest Income Tax defaulter2 Feb, 2014
An application was filed with the Department of Income Tax under the Right to Information (RTI) Act seeking to get the list of top defaulters in the country in different categories.
The reply to the application shows that with over Rs. 7,027 crore in tax demand pending against it, the Life Insurance Corporation of India (LIC) is the country’s single largest income tax defaulter. The reply states that this pending amount pertains to the tax demand of the assessment year 2010.
· The list of top defaulters in ‘companies’ category shows that the second largest defaulter is Aditya Birla Telecom Limited with an outstanding of Rs. 2,372 crore, followed by Vodafone Infrastructure Limited (Rs. 2,038 crore), Idea Cellular (Rs. 1,517 crore) and Bharat Petroleum Corporation Limited (Rs. 1,494 crore).
· The data provided in the reply showed that Sanjay Singal of Bhushan Power & Steel was the largest defaulter in individual category with tax demand of Rs. 280 crore pending against him. He was followed by Sukesh Gupta of MBS Jewellers with pending amount of Rs. 155 crore and former Jharkhand Chief Minister Madhu Koda with dues worth Rs. 103 crore.
· In the category of ‘Trusts’, the top defaulter came out to be Mumbai Metropolitan Region Development Authority with pending tax demand of Rs. 654 crore. It was followed by Jamsetji Tata Trust with Rs. 290 crore of pending dues and the Board of Control for Cricket in India (BCCI) with tax demand of Rs. 167 crore pending against it.