Most Of Telugu Industrialists Are I-T Defaulters: CBDT

Hyderabad: Industrialists in both the Telugu states of Telangana and Andhra Pradesh have stood among the top tax defaulters in the country.

In a latest data released by Central Board of Direct Taxes (CBDT), Telugus account for the highest number of tax evaders. Making the list public, the CBDT pointed out that 30 of 96 Income Tax defaulter are from Telugu states. Of them, 25 defaulters are from Telangana while five are from Andhra Pradesh.

As the firms (individuals) have defaulted on payment of a whopping Rs1,046 crore, the CBDT is planning to invoke provision of arrest and auction the assets after attaching them.

According to the Section 276 C (2), wilfull evasion of taxes, the guilty will be punished for rigorous imprisonment ranging from three months to three years. This also includes a fine.

According to the officials, the designated official — Tax Recovery Officer (TRO), is being strengthened with more power and infrastructure in order to act against the defaulters in quick time.

Among the top five I-T defaulters are:

Totem International Ltd, which is based in Hyderabad, defaulted Rs 401.64 crore.

Royal Fabrics Pvt Ltd defaulted Rs158.94 crore.

Nexxoft Infotel Ltd defaulted Rs68.21 crore.

Krushi Bank's Kosaraju Venkateshwara Rao defaulted Rs49.2 crore.

Genex Technologies Pvt Ltd defaulted Rs47.04 crore.