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Yugen Realty, New Delhi
The Income Tax Department has issued reopening notices to over 10,000 companies, including major players in the real estate industry, for discrepancies found in their income tax returns for the assessment year 2018-19. The department suspects that these taxpayers, particularly those associated with real estate, engaged in significant irregularities post-demonetization.
The deadline for reopening cases for the 2018-19 assessment year is August 31 of the current year. The department estimates that around ₹15,000 crore of income was concealed by these taxpayers. Notices have been predominantly sent to individuals and companies in cities like Mumbai, Delhi, Pune, and Chennai.
It has come to light that many of these taxpayers attempted to evade taxes through bogus donations and high-value foreign transactions. In some cases, NGOs are suspected of accepting donations in exchange for commissions. The information provided by banks, financial institutions, jewellers, stockbrokers, and real estate companies has been crucial in identifying these discrepancies.
The department’s internal data analytics system has played a vital role in detecting undeclared income. Additionally, the Central Board of Direct Taxes (CBDT) has launched an in-depth investigation into outward foreign remittances exceeding ₹6 lakh, which do not align with the declared income of the concerned individuals.
This targeted scrutiny underscores the department’s efforts to enforce tax compliance and uncover financial misconduct, particularly in sectors prone to high-value transactions like real estate.
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Disclaimer : This information has been collected through secondary research and Yugen Realty Newspaper is not responsible for any errors in the same.
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