Andhra Pradesh

Property transactions: tax official warns defaulters

‘Notices will be served on those who violate rules’

Advising those who buy real estate property worth above ₹50 lakh to remit 1 per cent towards the TDS without fail, B.G. Reddy, Chief Commissioner of Income-Tax, Visakhapatnam, on Wednesday said that real estate transactions were under the radar of their department. Plans were afoot to serve notices on those who failed to follow the transaction norms while buying and selling properties, he added.

Addressing a conference on ‘Immovable Property Transactions,’ organised by the Kakinada branch of the Institute of Chartered Accountants of India (ICAI) here, Mr. Reddy said that the department spotted transactions worth ₹250 crore in Kakinada for which the TDS remittance was not done.

The amount of transactions was ₹2, 000 crore in the last one year in the purview of the I-T department’s Visakhapatnam office that consists of Srikakulam, Vizianagaram Visakhapatnam, East Godavari and West Godavari districts. “Presently, the department is sensitising the people on the need to remit the dues. We are doing it through the tax professionals, real estate agents and the trade associations. If the public failed to remit the tax, we will issue notices on the defaulters,” he said.

Unaccounted money

Referring to the general elections, Mr. Reddy wanted the common people to inform the department about the unaccounted money. “We will not disclose the details of the informers. Moreover, we pay them cash rewards too,” he said. Additional Commissioner of Income-Tax V. Appala Raju, Chairman of the ICAI Kakinada branch Kuruvella Vijay Babu, vice-chairman Nagam Devi Kumar, secretary C.V.N. Gangaram, ex-officio member Gelli Naresh Chandra and others were present.

A letter from the Editor

Dear reader,

We have been keeping you up-to-date with information on the developments in India and the world that have a bearing on our health and wellbeing, our lives and livelihoods, during these difficult times. To enable wide dissemination of news that is in public interest, we have increased the number of articles that can be read free, and extended free trial periods. However, we have a request for those who can afford to subscribe: please do. As we fight disinformation and misinformation, and keep apace with the happenings, we need to commit greater resources to news gathering operations. We promise to deliver quality journalism that stays away from vested interest and political propaganda.

Support Quality Journalism
Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Jun 5, 2020 9:05:09 AM |

Next Story