« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Big jump in individual I-T returns filed this year... I-T may route refunds via banks... » I-T dept trains eyes on real estate August, 31st 2006 With real estate deals being struck at record high prices, the income tax department is considering new ways to check evasion and black money. The departments investigation wing is setting up an internal group to suggest out of the box ideas for gathering information on high-value transactions, which includes real estate. A similar group was set up last year. The department conducted country-wide searches on modular kitchens, plasma televisions, designer watches and pens. The exercise this year will focus on areas like real estate, which continue to involve big use of black money, a finance ministry official said. Officials said there was a need to create a real estate database to keep track of transactions. In the recent annual meeting of chief commissioners of income tax, it had been agreed that all cases where the provisions of Section 50C are applicable should be selected for scrutiny. Section 50C of the Income Tax Act states that in cases in which the value of a transferred capital asset either land or building is less than the value adopted by the stamp valuation authority for payment of stamp duty, then the tax to be paid on such property would be calculated on the basis of the value determined by the stamp valuation authority. Officials, however, pointed out that the provision was difficult to enforce as the registrars of property are under no legal requirement to report such sales barring sale and purchase of property of Rs 30 lakh and above which is now captured through the annual information returns. There is also no means for the department to obtain data on the property sold through power of attorney where registration does not take place. The income tax department had last year unearthed large scale misuse of Section 80IB (10) of the Income Tax Act by developers and builders of housing projects. The section allows 100 per cent deduction to builders on profits and gains for developing and building housing projects. The misuse of the provisions was on account of builders declaring a single flat as two separate ones in order to remain within restrictions. In other cases, the commercial area was found to have exceeded the 5 per cent built-up area.