19 March 2011

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Income Tax Department forgot to charge Rs.3000 Crore to Hasan Ali – CAG expose

Income Tax Department forgot to charge Rs.3000 Crore to Hasan Ali –
CAG expose

Last Year CAG said that Hasan Ali and his associates owed Rs. 71,874 crore in taxes.

CAG report says that Hasan Ali filed returns only after the I-T department began search operations against him in 2007.

The Income tax department forgot to charge him on the nearly Rs. 3000 crore tax accruing from five assessment years, from 2001-2002 to 2006-2007.

January 2002 till June 2007 Hasan Ali did not filed a tax return.
Calculation of tax interest was not taken into consideration for these years and was taken from 2007 onwards. The interest amount would have gone up which is short by Rs. 3000 crore", said Anupam Kulshreshtha, Deputy Comptroller and Auditor General.

After adding these now Hasan Ali owes Rs. 74,938 crore.

Further CAG said that income of Hasan Ali Khan grew more than
100 times in six years from Rs 529 crore in 2001 to 2002 to Rs 54,268 crore in 2006-07
CAG has added Rs 4,056 crore more to the Rs 71,874 crore tax demand raised against Hasan Ali

The additional tax liability of Rs 4,056 crore was added after CAG found several irregularities in the assessments of Hasan Ali and his associates.
There were cases of under-taxation totaling Rs 3,370 crore and three cases of over-taxation of Rs 305 crore.

Hasan Alis Taxable Income Year Wise –
Rs.529 crore in 2001-02

Rs 5,404 crore in 2002-03

Rs 2,444 crore in 2003-04

Rs 10,495 crore in 2005-06

Rs 54,268 crore in 2006-07

I-T department levied an interest of Rs 706 crore instead of Rs 4,056 crore.
The department has no record of Hasan Ali's income assessment years between 2001-02 to 2006-07, when he did not file his returns.

Supreme Court cancelled his bail thus currently Hassan Ali is in Jail.

Pune based Hasan Ali is currently in the custody of the Enforcement Directorate.
The ED is probing tax evasion, money laundering, and terror charges against Hasan Ali.

It’s reported that Hasan Ali has deposited more than 8 Billion Indian Rupees in tax haven nations including Swiss Banks.

My Basic question why no one is talking How Hasan Ali earned this money?

Does Hasan Ali is a person who is holding and controlling black money of politicians and terror organizations?

In another case o CAG found that
Income tax department had charged less levy on cardiothoracic surgeon, Dr Naresh Trehan.
It found surcharge and education cess were levied at 2.5% and 2% respectively, instead of the correct rate 10% and 2% as applicable to individuals.
The mistake resulted in a short levy of Rs 34.5 lakh, including interest.

India needs to reform and amend our taxation system.

Reality views by sm –
Saturday, March 19, 2011
4.00 Pm


sm,  March 19, 2011