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LIC of India emerges as biggest income tax defaulter: RTI
Income Tax Department has ultimately provided lists of top ten tax-defaulters for each of the categories for last two years subsequent to a CIC-verdict. Surprisingly many companies and others under direct control/ownership of central and state governments figure in the list of prominent tax-defaulters with Life Insurance Corporation of India (LIC) topping the list with tax-default of more than 70 billion rupees (Rs 70270858414).

For companies of Central government, it is like money paid as tax going from one pocket of the government to the other. So, there should be a perfect tax-discipline in respect of tax-payments by the government-owned companies.

List of the top ten tax-defaulters reveal tax-defaults in ten/eleven digits by many individuals/companies/firms/societies/HUFs etc. Since list sought and provided is just of ten top defaulters in each category, there are certainly other big tax-defaulters.

Central Board of Direct Taxes (CBDT) should launch a crash programme for tax-recovery from such big tax-defaulters most of whom are super-rich in themselves. For a fiscal discipline, CBDT should put lists of tax-defaulters with rupees one crore or more in tax-default on their website which should be updated every three months with responsibility fixed on concerned tax and recovery officers to reduce tax-defaults in every quarterly updated lists of tax-defaulters.

Those having obtained stay-orders from the courts should be star-marked for easy distinction. Funds which should be for development-projects, must not be allowed to be utilized by tax-defaulters with a nominal interest-rate charged under Income Tax Act.

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