Friday, August 7, 2009

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Oracle, IBM and Satyam among tax defaulters

State owned telecom major Bharat Sanchar Nigam (BSNL), Tata Communications, Oracle, Nokia, IBM, and Mahindra Satyam are figured in the list of top 100 tax defaulters in the country.

Disclosing the list of defaulters in the Rajya Sabha, the Minister of State for Finance SS Palanimanickam said in a written reply that top 100 tax defaulters owe to the exchequer whopping Rs.1.41 lakh crore - more than three times the amount the government spends on National Rural Employment Guarantee Scheme (NREGA) scheme annually to provide employment to below poverty line (BPL) families.

BSNL owes Rs.2,417 crore to the government; Tata Communications has a tax demand of about Rs.505.5 crore. Oracle's tax due is Rs.558 crore, while Nokia owes Rs.448 crore, Mahindra Satyam has to pay Rs.290 crore to the exchequer. IBM's tax due is to the tune of Rs.208 crore.

The list also includes the country's largest state-owned bank SBI, automobile giant Tata Motors, oil major Indian Oil Corporation, Coca Cola India, stock broker Late Harshad Mehta and his associates and other brokers like A D Narrotam and Hiten Dalal.

As per the list, disgraced stud farm owner Hassan Ali Khan tops the list of tax defaulters with an outstanding arrear of more than Rs.50,000 crore. The Minister said that these tax demands also include those which are difficult to recover for various reasons like demands notified under special court, inadequate assets and companies under litigation.

The Centre is taking various steps to recover the outstanding dues. The government has requested the adjudicating authorities like Incomet Tax appellate Tibunal (ITAT) and settlement commission "to dispose of high demand cases expeditious," Palanimanickam said.

However, among special measures being taken by the government to expedite recovery of default taxes includes monitoring of the recovery of amount in large cases by a Task Force. "Invariably arrear demand above Rs.25 crore is monitored by Central Board of Direct Taxes CBDT and between 10 crore and 25 crore by CCIT/DIT (Recovery)," Palanimanickam said.

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