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Sunday, December 23, 2012

Rs 1.33 lakh crore tax non-recoverable: Fin Min

A Parliamentary committee has come down heavily on the Finance Ministry for writing off over Rs 1.33 lakh crore as non-recoverable direct tax saying it owes an explanation on how the situation was allowed to reach "irretrievable" levels.

The Parliamentary Standing Committee on Finance has expressed surprise that out of a total demand of Rs 2,48,927 crore as direct tax arrear, Rs 1,33,665 crore is not "realisable".

Out of the total arrear of Rs 2,48,927 crore, Rs 1,30,500 crore pertained to money laundering and securities scam cases



It said a tax demand of Rs 61,846 crore falls under the category of "difficult to recover", leaving a balance of mere Rs 7,348 crore as collectible arrears.

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