Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: VAT RATES :: Central Excise rule to resale the machines to a new company :: form 3cd :: due date for vat payment :: cpt :: ACCOUNTING STANDARDS :: empanelment :: VAT Audit :: list of goods taxed at 4% :: articles on VAT and GST in India
 
 
News Headlines »
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid
 All you need to know about form 26AS
 How to file income tax return?
 7 changes that affect income tax return filing this year
 How To File Income Tax Return (ITR) Online For FY2016-17? Last Date July 31
 Last date for filing income tax return approaches: What is Form 26AS? How it can help you claim refunds
 Income Tax department to launch mobile app to make life easy for taxpayers
 6 things to remember while filing your income tax return
 Want to save on tax? Here are deductions you can use while filing ITR
 July 31 Is Last Date For Filing Tax Return. Why Form 26AS Has To Be Checked

I-T dept closes in on realty misuse
July, 04th 2006
The income tax department has unearthed large scale misuse of the deduction on profits available under Section 80IB of the Income Tax Act by developers and builders of housing projects.

The booming real estate sector seems to have spurred on the misuse of a deduction that was originally given to encourage construction of houses for the low and middle income groups.

Sources said the misuse had mostly occurred among smaller builders and was rampant in cities like Bangalore and Mumbai. IT authorities have uncovered over Rs 200 crore worth of undisclosed income after conducting 60 surveys across the country in the last financial year.

The deduction is contingent to the fulfillment of certain conditions including a cap on the size of the residential unit. Under the section, a residential unit cannot have a built-up area of more that 1,000 sq ft in cities like Delhi and Mumbai and 1,500 sq ft at other locations.

Also, the built-up area of shops and other commercial establishments included in the housing project cannot exceed five per cent of the aggregate built-up area of the housing project or 2,000 sq ft, whichever is less.

Sources added that in several cases, the misuse of the provisions was on account of the builders showing or declaring one flat as two separate flats in order to maintain the flat size restriction. In other cases, the commercial area was found to have exceeded the five per cent built-up area.

The misuse has assumed serious proportions and is likely to be discussed at the annual meeting of the chief commissioners of income tax on Tuesday.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

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