income tax department
It is speculated that the revenue department will ask the builders to pay taxes on their unsold stock of ready houses as per a proposal that is under consideration. If that happens then the housing prices are expected to fall as the developers will try to sell off their properties and reduce their inventories. The income [...] Continue Reading »
The SEBI Sahara dispute has taken a new turn and to protect its interests, the income tax department has filed an application in the Supreme Court wanting to be impleaded as a party in the on-goingSebi-Sahara dispute.The application is likely to be heard on Thursday by a three bench comprising justices TS Thakur, AR Dave [...] Continue Reading »
Delta Corp is India’s largest and only listed company in the gaming and casino segment. It is under the lens of income tax authorities on Tuesday for alleged tax evasion. Peninsula Land Limited, the real estate arm of the Ashok Piramal Group is also under the scanner. Around 25 residential and official premises, in Mumbai [...] Continue Reading »
The India cricket team captain Mahendra Singh Dhoni may face problem now in an income tax investigation. The tax department is looking to investigate the issue of four post-dated cheques worth Rs 75 crore issued by Amrapali Group. Chairman Anil Sharma to Dhoni The cheque issued in year 2011-12, was to be encashed in 2014. [...] Continue Reading »
The income tax department conducted the raid on the residence of real estate businessman G Amarender Reddy. During the raid the IT department seized incriminating documents related to the huge cash transactions outside the books. Mr. Amarender Reddy is a close friend of former chief minister N Kiran Kumar Reddy. Mr. Reddy is the chairman [...] Continue Reading »
The IT department has turned red eye on the farmers and the real estate developers in Surat and other parts of south Gujarat region. In last two days, the department has issued notices to nearly 400 farmers and real estate developers asking them to submit issued amount on the sale of agriculture land within two [...] Continue Reading »
Searches were conducted at 20 locations of real estate major Hiranandani group in Mumbai and other cities by the Income Tax department in connection with alleged tax evasion. People from the Income Tax department who are aware of the developments are saying that the simultaneous searches had been conducted at many locations of the group [...] Continue Reading »
Surat- The Income Tax department wing of Surat conducted a raid on six renowned real estate developers and two civil advocates in the city. The department recovered assets worth Rs 92 crore in the search. The income tax sleuths have recovered Rs 8 lakh in cash and Rs 45 lakh worth of jewellery from bank [...] Continue Reading »
Delhi- The government has strictly warned all taxpayers to disclose their true income and those who fails would be receiving notices from the Income Tax Department. Since the tax collected was very less in April-November, it asked taxpayers to file correct returns by December 15, when the third instalment of advance tax is due. The [...] Continue Reading »
Chennai- Income-Tax Appellate Tribunal (ITAT) of Chennai affirmed that the interest on home loans will continue to be out of the tax net despite the property gets sold later on. The interest paid on loans is surely an expenditure that should be taken into account while computing the income from housing property as well as [...] Continue Reading »
