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
 8 reasons why old tax regime is still attractive for many taxpayers in this income tax bracket
 March 31 deadline is getting near. How to save income tax with tax loss harvesting?
 45-day MSME payment rule: Impact and details of Section 43B(h) explained
 Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
 RE-OPENING OF CORRECTION WINDOW FOR MAY 2024 CA EXAMINATIONS
 Powerful Upgrades, Tally 12+1 months renewal Plan and Connected Services for your growing Business - March 2024
 How innovative solutions can help fix the Sec 43B conundrum for MSMEs
 Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season

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 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting