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: Central Excise rule to resale the machines to a new company :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: VAT RATES :: VAT Audit :: ACCOUNTING STANDARD :: due date for vat payment :: form 3cd :: list of goods taxed at 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARDS
« News Headlines »
 CBDT releases Income Tax Return statistics for last two fiscals
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers

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 2016 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