Tax evaders with liability of Rs 10 cr putting assets at 0:I-T

New Delhi, Aug 8 (PTI) Hot on the pursuit of high-value
tax defaulters, the Income Tax department has traced entities
and individuals with tax liability of over Rs 10 crore who
had falsely declared their assets to be zero.
The department has collected information about these
defaulters from various sources and will soon begin action
against them.
"Some taxpayers who have a tax liability of more than Rs
10 crore have been traced. Further action will take place
soon," a senior I-T officer said.
According to the latest data of the I-T department,
out of a total outstanding arrear demand of Rs 2,29,032 crore
(till March 2010), an amount of Rs 9,476 crore is unrealised
or held up as the assessee are "not traceable" while Rs 92,360
crore are stuck as there are "no assets".
The traced assets, according to I-T sources, were either
being created and invested under 'benami' heads or were not
ascribed directly to the defaulting taxpayer, and were on the
name of their extended family members or friends.
The department also proposes to put the names of such
defaulters in public domain after investigations are over in
such cases.
The department is also planning to give wide publicity to
its scheme of tapping and encouraging 'informants' to unearth
tax evasion and gain tip-offs on the whereabouts of absconders
who have evaded taxes.