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Tax department

Tax department wants realtors to reverse transition credit

Tax department wants realtors to reverse transition credit
Tax department wants realtors to reverse transition credit   MUMBAI | NEW DELHI: Real estate players that had commenced taxes paid following more advanced tax administration upon their Goods and Services Tax (GST) mortgages have begun collecting tax demands from the secondary tax department. The tax department requires real estate developers to modify the credit demanded as development credit [...] Continue Reading »

Unsold inventory of the realtors to be taxed: IT department’s proposal

Unsold inventory of the realtors to be taxed: IT department’s proposal
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 tax department discussed various strategies to augment revenues

The tax department discussed various strategies to augment revenues
Due to the introduction of e-governance, transparency has increased and the IT department has got more visibility into the assets of the companies. The tax department has drawn up a detailed game plan and is expected to look at various new avenues to collect taxes. Due to the sluggish economy, the income of the tax [...] Continue Reading »

Delhi govt to take stringent action against VAT evaders

Delhi govt to take stringent action against VAT evaders
Builder and ancillary units in the construction industry defaulting VAT on ‘contract work’ now have to be cautious as the tax department of the Delhi Government is taking stringent action against the defaulters. Already, the special zone of the tax department has prepared the list of contractors and builders in consultation with the municipal body. [...] Continue Reading »

Countless mutation cases pending in NMC

Countless mutation cases pending in NMC
Nagpur- The civic bodies make announcement about offering service to people and increasing revenue but they have turned a blind eye to irregularities happening in the department of property tax. It’s known that mutation of property tax in Nagpur Municipal Corporation (NMC)’s property tax records can be seldom completed by following official process. However, the [...] Continue Reading »

SDMC sends notices to property tax defaulters

SDMC sends notices to property tax defaulters
The South Delhi Municiapal Corporation (SDMC) has decided to tackle the issue of property tax payers who have not been paying tax as per the rules. The civic body has taken on the property owners who have got the nature of their property converted from residential to commercial, but have been paying property tax as [...] Continue Reading »

PMC recovers property tax dues from property holders

PMC recovers property tax dues from property holders
The tax department of the Pune Municipal Corporation (PMC) has launched a drive to recover property tax dues from property holders. The department collected dues worth Rs 5 crore over the last few days. In a press statement issued by the tax department, it has been stated that the department will form 10 squads to recover [...] Continue Reading »

PMC ordered to collect Rs. 400 crores property tax

PMC ordered to collect Rs. 400 crores property tax
A tough task ahead for Pune Municipal Corporation (PMC), it has been ordered to collect Rs. 400 crores from tax defaulters within span of one month. However, the city tax department of PMC has till now collected Rs. 25 crores only. PMC has taken this task pretty seriously, as property tax is the main source of [...] Continue Reading »

Un-occupied House Owners in Goa to bear a Hefty Tax Tariffs

Un-occupied House Owners in Goa to bear a Hefty Tax Tariffs
Goa is witnessing soaring property rates only because of the property purchased by the non-residents being left vacant for years together in areas like Panaji. Chief Minister Digambar Kamat reported saying on this issue that, the middle-class people surviving in the state are failing to afford in buying houses or apartments for own. The fact [...] Continue Reading »

Commissionerate of Income Tax slapped a notice on BMRCL

Commissionerate of Income Tax slapped a notice on BMRCL
Bangalore Metro Rail Corporation Ltd.(BMRCL) recently received a notice on account of failing to deposit Tax Deducted at Source (TDS). Situations are being turned from bad to worse for Bangalore Metro as the foundation of it is loosing complete grip. All these days it was the revenue of these feeder buses and the rumors of [...] Continue Reading »



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