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Builders under Income Tax scanner
December, 26th 2006

The real estate sector, which has been making millions in profits over the past few years, has now come under the scanner of Income Tax Department.

"The builders who have not paid a single penny as corporate tax while floating schemes every other day, have come under our notice," a senior official in the Finance Ministry told the media.

He said the Investigation wing of the IT Department has kept a close watch on investments made by the companies, besides conducting search operations and scrutinising their documents. This has resulted in substantial tax deposits by the companies.

Parsavnath Builders deposited Rs 50.8 crore advance tax till December, as against Rs 9.5 crore during the corresponding period last fiscal.

The Omaxe Group, which had not deposited any advance tax by December last fiscal, has this time deposited Rs 30 crore.

The biggest surprise, sources said, is the increase in advance tax deposited by DLF Universal from Rs 3 crore last year to Rs 132 crore this fiscal.

Rising profits in real estate, coupled with efforts of the IT Department, have led to an increase in advance tax deposits by builders, a senior official said adding that the government is also ready to encash the real estate boom.

The Eros Group and GTM Builders have also deposited Rs 40 crore and Rs 20 crore respectively after investigations were conducted by IT sleuths, the sources said.

With the requisition to conduct field surveys with around 450 vehicles for six months, the Income Tax Department has collected over Rs 1,000 crore as additional tax deposits, Central Board of Direct Taxes spokesperson A K Sinha said.

 
 
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