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of <h1>CBDT Circular Urges Strict Measures for Tax Arrears Recovery from Defaulters Owning Significant Properties u/s 220(5) and 221.</h1> The circular from the Central Board of Direct Taxes (CBDT) addresses the issue of unpaid tax arrears by certain assessees who own substantial immovable properties. The Wanchoo Committee highlighted that these defaulters often delay payments by making unfulfilled promises and representations. The CBDT emphasizes adopting a strict approach in such cases, enforcing coercive measures to recover arrears promptly. According to Section 220(5) of the Income Tax Act, if an assessee defaults on any instalment, the entire outstanding amount becomes due immediately, and penalties under Section 221 should be imposed based on the circumstances and severity of the default.
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