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: cpt :: ACCOUNTING STANDARD :: form 3cd :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: due date for vat payment :: empanelment :: list of goods taxed at 4% :: TDS :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: VAT Audit
 
 
News Headlines »
 Securities excluded from GST ambit in revised Bill
 GST dilemma: Hope fades for new tax regime
 5nance.com launches tax investment platform
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice

IT dept watching, undervaluing
June, 08th 2009

Its not just high-value property transactions that come under the ITs hawk eyes. The income tax department will scrutinize property deals of even Rs 5 lakh and above to tap tax dues. Thus, the trap is set for those who undervalue their properties to escape the IT net.

Sub-registrars have been asked to submit details of property transactions (sale and purchase) starting Rs 5 lakh. This move is aimed at examining sale deeds that show prices of properties as much lower than the guidance value and bring the difference amount under the IT net.

IT commissioner, CIB, has written to the inspector-general of registration and commissioner of stamps to furnish such information in a specified format. Earlier, only high-value transactions were being scanned by IT sleuths. However, over the years, it was found that revenue pilferage was large from small-value property transactions too.

We have been regularly sending details of property transactions of the value of Rs 5 lakh and above to the IT department following a letter by the commissioner of IT (CIB). This is to track down tax evasion and also tap resources at the microlevel. Property transaction details of 2007-08 have been sent across, says inspector-general of registration and commissioner of stamps, K R Niranjan.

From 2005 onwards, the IT department started roping in sub-registrars across the country to widen its tax net. The Central Board of Direct Taxes coming under the Union finance ministry had directed sub-registrars to furnish details of high-value transactions of Rs 30 lakh and above, and file the annual information returns with the department. This was to track down benami registrations and widen the tax base as till last year, until the realty boom went bust, investing undisclosed income in immovable property was seen as a safe option.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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