Real estate firms under CEIB scanner
Currently financial intelligence agencies are scrutinizing service tax payment of several real estate companies across the whole country.
The real estate firms are suppose to pay 12.5 per cent service tax but they doubt that many real estate companies are ignoring service tax. This search initiated on January 2, 2013. And thus it was found out that firms providing real estate services including renting and other collaborations are evading service tax.
According to the sources agencies which found input on alleged service tax evasion are Central Economic Intelligence Bureau (CEIB) which is a nodal agency for collection and dissemination of intelligence related to financial sector and Directorate General of Central Excise Intelligence.
Detection of several real estate firms and builders offices in the national capital and in suburban areas including Noida, Ghaziabad, Bhiwadi, Mumbai, Hyderabad, Kolkata, Vishakhapatnam and Chennai was carried on by the intelligence team. Deals which included tax evasion include renting of house, land or any other commercial properties where money transactions are not recorded in government documents
Immovable properties usually acts as a source of black money. Thus it is assumed that real estate and land are the two important aspects where investment of both black and white money can be done. Such investment help them to survive against inflation.
Online tax payment in Chennai begins
Goa deputy CM says yes to House tax
Central Economic Intelligence Bureau, real estate companies india, Real estate firms, Realty News, Service Tax, service tax evasion, service tax payment india, tax evasion
[...] out that these assessments were not equal with new building permissions. Around 2,17,270 members are evading property tax from past three to four years and these people must be pressurized to pay [...]
[...] Real estate firms under CEIB scanner [...]
[...] Real estate firms under CEIB scanner [...]