Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 March 31 deadline is getting near. How to save income tax with tax loss harvesting?
 45-day MSME payment rule: Impact and details of Section 43B(h) explained
 Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
 RE-OPENING OF CORRECTION WINDOW FOR MAY 2024 CA EXAMINATIONS
 Powerful Upgrades, Tally 12+1 months renewal Plan and Connected Services for your growing Business - March 2024
 How innovative solutions can help fix the Sec 43B conundrum for MSMEs
 Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year

I-T issues notices on land transactions
October, 10th 2006
Following the detection of illegal transactions relating to sale and purchase of prime properties, involving evasion of stamp duty worth several crores, the Directorate of Investigation (Income Tax Department) has issued notices to colonisers. The department has asked them to explain the difference between rates of property, fixed by the district collector, and the existing market rates. The revenue authorities register the deeds according to the collector rates which are extremely low as compared to the prevailing market rates. According to the revenue department, on an average 150 sale/purchase deeds are registered every day in the city, while its number is much higher in the whole district. A tehsildar, on the condition of anonymity, admitted that there was a huge gap between the collector rates and market rates. Taking benefit of this the sellers and purchasers deceive the state by evading stamp duties. The illegal transactions are invariably destroyed once the deal is over and never brought to the notice of revenue department. With the investment of big colonisers from New Delhi in the border district, the real estate has witnessed a boom resulting in loss of revenue worth crore to the government. Apart from selling of residential plots in various colonies, the commercial complexes like malls, hotels and other business establishments has been sold at astonishing rates. However, colonisers are of the opinion that the evasion of stamp duty could be curtailed only if the government lowered it. They say they have invested large amount of money into the border district without any assurance or subsidy and the government must help them by lowering it.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting