LIC has biggest tax demand of Rs 7,000 crore in country

Comments 0
Life Insurance Corporation of India, the largest insurer of the country, has over Rs 7,000 crore in tax demand pending against it, the biggest across various categories. Reuters Life Insurance Corporation of India, the largest insurer of the country, has over Rs 7,000 crore in tax demand pending against it, the biggest across various categories. Reuters
SummaryThe tax demand raised by the department against LIC is of the assessment year 2010...

Life Insurance Corporation (LIC) of India, the largest insurer of the country, has over Rs 7,000 crore in tax demand pending against it, the biggest across various categories.

The list of top 10 pending tax demands in each category has been given by the Income Tax department to activist Subhash Agrawal in response to his RTI application seeking the list of top tax defaulters.

The tax demand raised by the department against LIC is of the assessment year 2010 which is pending ďas on dateĒ, the response furnished on January 27, 2014, said.

In the companies category, the top slot is given to LIC which also has biggest pending tax demand in all the other categories, according to the RTI reply. The demand against LIC is Rs 7,027 crore which is followed by Rs 2,372 crore against Aditya Birla Telecom, Rs 2,038 crore against Vodafone Infrastructure, Rs 1,517 crore against Idea cellular and Rs 1,494 crore against Bharat Petroleum Corp.

Other companies with pending tax demand in the country include Nerka Chemicals Private with Rs 1,354 crore, Tamil Nadu State Marketing Corp with Rs 1,234 crore, Andhra Pradesh Beverages Corporation with Rs 1,228 crore, HDFC Bank with Rs 1,051 crore against and Indian Oil Corp with Rs 874 crore, according to the reply.

In the individuals category, one Sanjay Singhal leads the tally with pending tax demand of Rs 280 crore, followed by Sukesh Gupta with Rs 155 crore and former Jharkhand CM Madhu Koda with Rs 103 crore. "This is to state that this office is only having a list of where demand is pending as on date... Now how many or which of the demand comes or not comes under a particular section wherein the assessee is deemed to be in defaulter, such linking is neither available nor possible to be collated by this office," additional director, income tax, Ashish Abrol said in the RTI response.

The 'Trust' category is led by Mumbai Metropolitan Region Development Authority with pending tax demands of Rs 654 crore followed by Jamsetji Tata Trust with Rs 290 crore, Board of Control for Cricket in India with Rs 167 crore, Credit Guarantee Fund Trust for Micro and Small Enterprises with Rs 162 crore, NEIA Trust with Rs 83 crore, Uttar Pradesh Forest Corporation with Rs 51 crore and Divya Yog Mandir Trust with Rs 41 crore, among others.

Uttar Pradesh Avas evam Vikas Parishad with Rs 105 crore, followed by

Single Page Format
Ads by Google

More from India

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...