16,000 violators from Goa & Karnataka get IT notices
INDIAN EXPRESS, BANGLURU | 21 March 2013 20:19 IST
The Income Tax (IT) Department has sent out notices to 16,000 assessees in Karnataka and Goa, asking them to pay their due taxes and sought explanations for certain banking and property transactions.
In a press release issued on Wednesday, the IT department stated that certain assessees in these regions were found to be liable for taxation under three major segments based on concrete information.
Among many irregularities, the department found that several persons were carrying out banking transactions without quoting PAN and other details regarding their tax liabilities by submitting Form 60.
According to the release, a number of assessees have also understated the value of their immovable properties in the registered sale deeds.
“The difference between the guidance value and the sale consideration cited in the deeds needs to be offered for taxation as per section 50C of the Income-tax Act, 1961,” the release said.
It was also found that assessees failed to offer correct details of their income for taxation. A few have also been surrendering lands in favour the Bruhat Bengaluru Mahanagara Palike (BBMP) in order to get FAR/FSI credit in the form of Transfer of Development Rights (TDRs) and subsequently selling the same for a premium.
“The buyers of such TDRs, sell the same properties hefty premium in favour of other persons. The database has been collected from IG Registration and the BBMP,” said the statement.
The department is investigating these cases.
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