CORPORATE INDIA NOT WARY ABOUT INCOME TAX

SKYROCKETING % OF CORPORATE NON FILERS

 

 Minister of State for Corporate Affairs R P N Singh in a written reply to the Rajya Sabha has stated that As of March 31, 2012, a total of 1,215,306 companies are registered with the Registrar of Companies ( RoCs) under the Companies Act, 1956. Out of total registered companies, 2,34,762 companies have been closed down as they are either struck off, dissolved or liquidated.

Latest data released by the Dept of Income Tax reveals that 638184 returns of Income tax has been filed by the corporates at their E filing portal, which may be inclusive of certain no. of revised returns and the returns for the previous years ending prior to Financial year 2011-12 which shows that more than 30% of the companies registered and existing as on 31st March 2012 has not filed their IT Returns. They are either not afraid of the consequences or not aware about the Income Tax Laws despite of the fact that these corporate are presumed to be the most governed entities in India