Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: Central Excise rule to resale the machines to a new company :: VAT Audit :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: form 3cd :: empanelment :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: ACCOUNTING STANDARD :: TDS :: VAT RATES :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
« News Headlines »
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016

Andhra IT dept to tap real estate income
October, 18th 2006
The income tax department is gearing up to assess the actual income being generated from land deals and real estate projects in and around Hyderabad. The booming real estate has also become a major source of black money as well as an important source for income tax. 
The department has so far gathered information regarding 1,158 building construction projects from the Hyderabad Urban Development Authority, which issues permission for layouts, and information on almost similar number of projects from the town planning department. 
The department has also collected the information pertaining to 12,000 projects, either proposed or completed exclusively in those lands that come under the Urban Land Ceiling Act. 
This is in addition to the information on 1.88 lakh land transactions each worth over Rs 5 lakh received by the IT department daily from the director general, stamps and registrations for the year 2005-06. There were about 85,965 land registrations worth Rs 5 lakh and above in the first six months of the current financial year. 
Disclosing these details, D V Dharmik, chief commissioner of income tax department, Hyderabad, said the department will collate the information available on these transactions with the returns filed by the persons to find out whether their filings reflected the actual income they earned from these transactions. 
"Initially, we focus on big players in our ongoing scrutiny of real estate ventures and hope others will fall in line," Dharmik said. 
According to him, the department has already collected the details of land registrations which were done in the last five years for the scrutiny. 
The department has formed two exclusive teams to deal with real estate transactions. 
Dharmik said that their officials would take up the scrutiny at three levels, first with the persons who submitted applications for project clearances regarding investments made in those projects. 
At the second level, the IT officials would also question the persons who sold their lands to find out their liability towards capital gains tax. 
Lastly, the department would try to find out the source of investment made by the persons in real estate projects.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions