Monday, May 16

Tag: FY 2018-19

The List of Wilful Defaulters Increased by 60% in 5 Years
Corporate

The List of Wilful Defaulters Increased by 60% in 5 Years

Highlights: The amount of wilful defaulters has risen by 60% in the previous 5 years till FY 2019, however over INR 7,600 crore has been recovered from defaulters.The Income Tax department has issued notices, under the Black Money Act, in over 380 cases that involve undisclosed foreign assets and income valued over 12,260 crore.Serious measures have been initiated in 6,251 cases involving secured assets under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The amount of wilful defaulters has risen by 60% in the previous 5 years till FY 2019, however over INR 7,600 crore has been recovered from defaulters. Finance Minister, Nirmala Sitharaman said that the total count of wilful defaulters stood at 8,582 at...