26 July, 2015

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Govt compiling list of tax defaulting foreign companies: Jayant Sinha

Govt compiling list of tax defaulting foreign companies: Jayant Sinha

Certain foreign companies have failed to clear tax dues, and a list of defaulters is being compiled for necessary action, Parliament was informed.

Certain foreign companies have failed to clear tax dues, and a list of defaulters is being compiled for necessary action, Parliament was informed Friday.

The income tax department has assessed as many as 8,354 foreign companies in India.

“There have been instances where certain foreign companies have failed to pay taxes due from them. The company-wise and year-wise details of such companies that have failed to pay the taxes due during (last three years and the current year) are being compiled,” said Minister of State for Finance Jayant Sinha.

Jayant Sinha, in a written reply to the Lok Sabha, further said necessary actions and proceedings under the I-T Act are being taken, wherever required, to ensure any loss of revenue to the exchequer is prevented.

The actions include initiating proceedings of assessment and reassessment for determination of taxable income and recovery of unpaid tax.

Furthermore, he said that in cases where it’s suspected that the assets of a company may be alienated or moved out of India to thwart recovery, assets are provisionally attached.

PTI

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