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The Union Minister for Finance, Corporate Affairs and Defence, Mr Arun Jaitley at the Chartered Accountants’ Day celebrations, organised by the Institute of Chartered Accountants of India (ICAI), in New Delhi on July 01, 2014. (PIB Photo)

Income Tax ‘Names and Shames’ 18 firms for tax default

Indian Income Tax department knows where to hurt the tax defaulters when it took to “Naming and Shaming” strategy to mount pressure on timely payment of taxes by some of the large tas defaulters.

The first list named 18 entities, with more than Rs 500 crore each as tax due to the department.

Moreover, the naming will help publicise these names in public so that the common man can come forward to help the department in tracing the whereabouts of these companies, said the officials.
Published in the media too in the name of the Principal Chief Commissioner of Income Tax (Administration), New Delhi, the list included Goldsukh Trade and Somani Cements which have been named “wilful defaulters” by the department.

The Central Board of Direct Taxes (CBDT), the top body of the income tax and excise duty had asked the I-T department to post these names on its website. Interestingly, 11 of these 18 names belong to Gujarat-based companies. “Defaulters are advised to pay tax arrears immediately,” said the notice in a stern warning.

The companies in the list:

Somani Cement — Rs 27.47 crore,
Blue Information Technology — Rs 75.11 crore,
Appletech Solutions –Rs 27.07 crore,
Jupiter Business –Rs 21.31 crore,
Hirak Biotech –Rs 18.54 crore,
Icon Bio Pharma & Healthcare Ltd — Rs 17.69 crore,
Banyan & Berry Alloys –Rs 17.48 crore,
Laxminarayan T Thakkar –Rs 12.49 crore,
Virag Dyeing & Printing — Rs 18.57 crore,
Poonam Industries — Rs 15.84 crore,
Kunvar Ajay Food Pvt Ltd — Rs 15 crore,
Goldsukh Trade India — Rs 75.47 crore,
Victor Credit & Construction — Rs 13.81 crore,
Noble Merchandise — Rs 11.93 crore.

 

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