25-Jul-2017

Over 6.83 lakh companies have PAN but did not file I-T returns


Over 6.83 lakh companies have permanent account number (PAN) but did not file income tax returns for assessment year 2016-17. The number of companies which have PAN but do not file income tax returns have increased over the past five years from 4.09 lakh in assessment year 2012-13, to 4.60 lakh (AY 2013-14).The number was 5.19 lakh in AY 2014-15, 5.73 lakh (AY 2015-16) and 6.83 lakh (AY 2016-17). "Nonfiling of return of income by a company does not necessarily indicate its indulgence in money laundering activities. Under the Companies Act, notices have been issued to all those companies which were prima facie not carrying out any business or operation for a period of two immediately preceding financial years and had failed to file their financial statement for the said period. "Consequently, names of a large number of companies have been removed (struck off) from the Registrar of Companies," he said.

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