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Income Tax officers focus on Realty moments

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Indian realty was the widespread ground for the prospective shareholders and for the builders but it had trapped the concentration of the income tax spy’s who were all fixed up with their hunt for the builders who had not paid their share of corporate tax. Apart from performing investigation processes, research division of the IT department carried all the data about the investments which was made by these companies. Later this was resulted in substantial tax deposits by land developers. Omaxe Group had deposited Rs. 30 Crores as tax and the group had not deposited any tax advance from last finance year. The sources also said the www.propertykhazana.com that Parsvnath Builders had deposited Rs. 50.8 Crores against Rs. 9.5 Crores during the period of last financial year. The plan of the IT department had been booming by spreading tax awareness between the rich builders. It seems that Govt. had set on the Indian Realty explosion with a chance to gain a huge amount.
By following the steps of the counterparts the Eros Group and GTM Builders came, with tax fee of Rs. 40 Crores and Rs. 20 Crores correspondingly and then the action came following after the research which was carried out by the IT officers. The Income Tax Department had received more than Rs. 1,000 Crores as extra tax deposits and the amount was expected to rise with the roar in realty and hike in home loans. 25 companies were paying the Commercial Tax and out of that 8 were from the banking section comprising the huge names such as SBI, Punjab National Bank and BB besides that private section banks like ICICI, SC, HSBC, HDFC and Citibank.
Source: NIMMA BENGALURU

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