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: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: empanelment :: cpt :: form 3cd :: VAT Audit :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment
 
 
« News Headlines »
 Provisional Enrollment under Goods and Service Tax (GST)
 Ten income tax changes that will come in to effect from April 1
 New income tax provisions you need to be aware of
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley

I-T to scan filings of builders with Rs 5cr sales
August, 06th 2007
Concerned over huge tax evasion in the realty sector, the income-tax department is likely to scrutinise tax returns of all real estate players be it a property dealer or a builder with annual turnover of Rs 5 crore in the current fiscal.
 
The Central Board of Direct Taxes (CBDT) has asked the field income-tax officials to sent scrutiny notices to all builders having an annual turnover of Rs 5 crore or more, a finance ministry source said.
 
An official comment from the ministry on the issue could not be obtained.
 
The official said through these notices assessing officials could ask builders to appear before them to explain the sources of income, net profit and the tax deducted at source. The builders could also be asked to disclose details of income and expenditure during the past three years.
 
A decision in this regard was recently taken as part of the annual action plan of the department to take measures for meeting direct tax collections' target of Rs 2,67,490 crore and unearth black money in the realty sector.
 
It has also come to our notice that many builders are selling flats by taking money partly in cash, and not disclosing it in the annual returns, the source said. He said though many builders were taking money from home buyers in advance, they showed income in tax returns only after the completion of projects. Information collected from banks was collated in this regard, he added.
 
The source said stiff scrutiny norms for property deals was the result of the high-level of activity in the real estate market, and the government wanted to ensure that people were paying taxes and there was no black money in circulation.
 
For the returns filed till July 31, they said, income-tax officers could serve the scrutiny notice by July 31, 2008.
 
The source said, The CBDT has also asked I-T officials to review the statements of builders bank accounts, match withdrawals with expenses, including those on credit cards.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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