1.16 Lakh Crores of IT Arrears. – MOS admits, most of it difficult to collect.
The amount of outstanding income tax demand in the country is Rs.1,16,766 crores as on 1st April, 2006. Out of the total outstanding income tax demand, an amount of Rs.11,741 crores has been targeted to be recovered in the year 2006-07.
“The basis for setting the targeted amount is a realistic approach looking into the past history and also the fact that the major portion of the outstanding income tax demand is difficult to recover.”
This was informed to Parliament by S.S. Palanimanickam, Minister of State for Finance.