The CBDT is reportedly examining the issue of expanding the scope of its policy of "naming and shaming" of tax defaulters by sharing such data with banks and credit-rating agencies. For this purpose, it has ordered the creation of a special committee to analyse the subject and review the existing mechanism and also suggest the future road map so that such delinquents, whose arrears or defaults run into multiple crores are identified, and prosecuted under tax laws. The committee has been asked to submit its report by July 15 and also suggest measures for the expeditious recovery of arrears.
According to the mandate given to the seven-member committee headed by a principal director general, it has to "review whether the policy of 'naming and shaming' in respect of confirmed defaulters of arrear has served its intended purpose and whether there is a need to expand its scope" in the Income Tax Department. The committee was set up on May 25.
The terms of reference for the committee make it clear that expanding the scope of the 'name and shame' exercise means a possible "sharing of defaulters data with banks, financial institutions, credit rating and risk rating agencies" like the Credit Information Bureau Limited (CIBIL) and others by the taxman.
The Central Board of Direct Taxes (CBDT) had taken up the exercise of 'naming and shaming' of income tax defaulters about two years ago, as part of which it publishes their names and details like the defaulted amount, last known address and Permanent Account Number (PAN) in leading newspapers.
A total of 106 such entities, with a minimum default of over Rs. 1 crore, from across the country have been put in the public domain by the tax department till now, including on its official website.
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CBDT panel to recommend ways for recovery of arrears
By IndianMandarins - 2017-05-29 11:31:38
The CBDT is reportedly examining the issue of expanding the scope of its policy of "naming and shaming" of tax defaulters by sharing such data with banks and credit-rating agencies. For this purpose, it has ordered the creation of a special committee to analyse the subject and review the existing mechanism and also suggest the future road map so that such delinquents, whose arrears or defaults run into multiple crores are identified, and prosecuted under tax laws. The committee has been asked to submit its report by July 15 and also suggest measures for the expeditious recovery of arrears.
According to the mandate given to the seven-member committee headed by a principal director general, it has to "review whether the policy of 'naming and shaming' in respect of confirmed defaulters of arrear has served its intended purpose and whether there is a need to expand its scope" in the Income Tax Department. The committee was set up on May 25.
The terms of reference for the committee make it clear that expanding the scope of the 'name and shame' exercise means a possible "sharing of defaulters data with banks, financial institutions, credit rating and risk rating agencies" like the Credit Information Bureau Limited (CIBIL) and others by the taxman.
The Central Board of Direct Taxes (CBDT) had taken up the exercise of 'naming and shaming' of income tax defaulters about two years ago, as part of which it publishes their names and details like the defaulted amount, last known address and Permanent Account Number (PAN) in leading newspapers.
A total of 106 such entities, with a minimum default of over Rs. 1 crore, from across the country have been put in the public domain by the tax department till now, including on its official website.
