Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
Top Headlines »
Open DEMAT Account in 24 hrs
 ITR filing 2023-24: How to optimise Section 80D deductions at the time of filing tax returns
 ITR filing 2023-24: Top 7 mistakes to avoid for hassle-free income-tax return filing this year
 Income tax returns for FY 2023-24: Keep these 8 tax law changes in mind while filing ITR this year
 ITR Filing 2024: Know who can and cannot file income tax returns using ITR-1 this year
 Income Tax Filing: 10 necessary guidelines that you must be aware of
 Why you should file your income tax returns before July 31
 What is Form 26AS? How to download Form 26AS to file Income Tax Return (ITR)
 Income Tax Return: What are the alternatives to Form 16 that can be used while filing ITR?
 What should you do if your Form 16 data doesn't match your ITR prefilled form?
 Check your Form 26AS, AIS carefully for error-free income tax return filing
 10 ITR filing mistakes which can cost taxpayers dearly

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.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting