600 property tax defaulters issued notices



   The income tax department has started identifying defaulters avoiding payment of tax on their rental income or purchase of property, and already 600 of them have been issued notices. According to the department, close to 100 offenders have either replied to notices or paid tax, but 487 cases are such in which no reply has been received, and the department will soon launch prosecution in such cases.

   This was disclosed on October 10 by Principal Chief Commissioner of Income Tax (PrCC)-North West region, Binay K Jha, in a media briefing held in the department’s office located on Ferozepur Road. Warning such offenders, Jha said: “Any person whose rental income exceeds Rs50,000 per month, needs to pay 5% tax. Similarly, in case of purchase of property, 1% tax is applicable, which needs to be paid by the buyer. For the past few years, we have started the process of identifying such persons, and so far, 487 cases have been identified, in which TDS payment has not been made. As a standard procedure, we have sent notices to such persons, and in case they do not comply, prosecution will be launched against them.”

   Meanwhile, Jha — who was accompanied by principal commissioners Parneet Sachdev, Rajeev Ranjan, and Simi Gupta — also informed that there had been a huge addition in the number of assesses with 3.64 lakh new assesses being added in the taxbase under Ludhiana range of the income tax department. PrCC also informed that the department had been very successful in its crusade against high value depositors who had deposited demonetized currency notes into their accounts after demonetization, and so far, 5,497 notices were issued in this context. Action against such persons is still continuing, and recently, a case of Rs7 crore unaccounted money being deposited into his account by a bullion trader was unearthed by the department.

   Jha also said: “The recent spree of actions on businesses which seem small in size, but have unaccounted income have proved that the department will act against tax offenders, regardless of the size of their enterprises. In case of a survey on a pakora shop, Rs60 lakh was surrendered by the owner, while Rs1 crore was surrendered by a dry fruit trader.”

   Meanwhile, giving information about the work being done by the Benami Prevention Unit (BPU), Punjab-based at Ludhiana, Principal Commissioner Parneet Sachdev said 111 benami properties have been attached by the department so far in the present year, and in the last year, the figure was more than double. Sachdev also informed that due to new rules and regulations which came into effect after demonetization, the rate of tax applicable on disclosure of undisclosed income is now 77%, while in the case of department’s search, if any undisclosed income or black money is detected by the department, approximately 108% tax will be charged in such cases.

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source: The Times of India

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