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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 How much tax can you save via tax saving investments, expenditures?
 5 tax saving mistakes millennials need to watch out for Income Tax Saving
 Tax-saving 101 for young earners
 4 important tax benefits of buying a house jointly
 5 best ways to invest and save tax at the last minute Last minute tax saving tips
 Pay your pending advance tax by 15 March
 2018 Tax Extensions: 12 Tips To Save You Money
 5 investment options other than Section 80C to save more Income Tax return filing
 Is it mandatory to link Aadhaar with income tax returns?
 Companies (Incorportation) 2nd Amendment Rule 2019
 Know how your family can help you save tax Filing income tax returns?

IT dept watching, undervaluing
June, 08th 2009

Its not just high-value property transactions that come under the ITs hawk eyes. The income tax department will scrutinize property deals of even Rs 5 lakh and above to tap tax dues. Thus, the trap is set for those who undervalue their properties to escape the IT net.

Sub-registrars have been asked to submit details of property transactions (sale and purchase) starting Rs 5 lakh. This move is aimed at examining sale deeds that show prices of properties as much lower than the guidance value and bring the difference amount under the IT net.

IT commissioner, CIB, has written to the inspector-general of registration and commissioner of stamps to furnish such information in a specified format. Earlier, only high-value transactions were being scanned by IT sleuths. However, over the years, it was found that revenue pilferage was large from small-value property transactions too.

We have been regularly sending details of property transactions of the value of Rs 5 lakh and above to the IT department following a letter by the commissioner of IT (CIB). This is to track down tax evasion and also tap resources at the microlevel. Property transaction details of 2007-08 have been sent across, says inspector-general of registration and commissioner of stamps, K R Niranjan.

From 2005 onwards, the IT department started roping in sub-registrars across the country to widen its tax net. The Central Board of Direct Taxes coming under the Union finance ministry had directed sub-registrars to furnish details of high-value transactions of Rs 30 lakh and above, and file the annual information returns with the department. This was to track down benami registrations and widen the tax base as till last year, until the realty boom went bust, investing undisclosed income in immovable property was seen as a safe option.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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