Tax evasion by individuals and avoidance by corporations have been robbing India of Rs 75,000 crore every year, while only eight crore out of 130 crore people pay direct taxes. Shedding further light on the major culprits behind tax abuse in the country, the Securities & Exchange Board of India (SEBI) has named nine most wanted income tax defaulters, through a list which includes companies as well as individuals that are either missing or untraceable.
SEBI found out about it when its recovery officers tried to serve notices of demand to defaulters who had recovery certificates against their name. Offenders are missing for as many as two years and some even went off the grid as recently as two weeks.
Here are the defaulters and their last known location:
1. MYNK1906 Industries India Ltd.
Known addresses: Vile Parle and South Mumbai
2. Inducon India Ltd.
Known addresses: South Mumbai and Andheri.
3. Classic Press International Ltd.
Known addresses: Goregaon.
4. Goodearth Financial Services Ltd.
Known address: Vile Parle east.
5. Aci Infocom Ltd.
Known addresses: Kandivali and Nariman Point.
6. Tejoomals Industries Ltd.
Known addresses: Santacruz.
7. Rajendra Mining Spares Co. Ltd.
Known addresses: Andheri east.
8. Gloria Leasing Ltd.
Known address: South Mumbai and Karjat.
9. Dynavox Industries Ltd.
Known addresses: Worli.
An industry body consisting of trade unions praised SEBI's decision to make their names public, since its a major concern that entire firms and people simply disappeared when they should be probed.
If defaulters don't come forward SEBI will get to move push other agencies into action using legal provisions to attach and sell off assets to recover what the defaulters owe. So far SEBI has been unable to serve the Notice of Demands to defaulters missing from their known addresses.
Apart from defaulters on the list who wish to come forward, people with knowledge about their whereabouts are also instructed to write to the Recovery Officer Srishti Ambokar within a fortnight.
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