INCOME TAX DEPARTMENT, SERIOUS FRAUD INVESTIGATION OFFICE, ENFORCEMENT DIRECTORATE AND ANTI MONEY LAUNDERING UNIT ARE EXAMINING FEW DEVELOPERS AND BUILDERS ALLEGED TO HAVE LINKS – A NEWS REPORT


A local news report highlighted the alleged tax evasion, illegal activities, prosecutable transactions, money laundering and BENAMI property acquisition and subsequent sale of the properties through this DEVELOPERS AND BUILDERS.

There are serious allegations around few hundred crores only against builders and developers along with a govinda jeweller- benami investment.

Three such names have appeared, but are (innocents and suspects) till they are convicted.

One such leading builder and developer, who has projects across India is associated with a relative of a famous politician and one such major project in Bangalore is marketed with much fanfare, but the buyers are not aware of the BACKGROUND of this Developer in North Bengaluru.

The other two are from a nearby state and any day or someday when LUCK runs out, will be a good SUBJECT for state enquiry and investigation either by CBI or ED or SFIO, ITO or DRI under various sections of the IPC.

Hope common sense prevails and buyers check the antecedents of all the concerned while buying properties.

 

DETAILS POSTED ABOUT PROPERTY ACQUISITION-EXTRAVAGANT SPENDING-BUYING OF JEWELLERY- IN SOCIAL MEDIA INVITES INCOME TAX SCRUTINY


The Government has silently monitoring and collecting data of persons in social media about the details of acquisitions, spending and other extravagant expenditure shared or published and will be UNDER SCRUTINY AND INVESTIGATION by the concerned departments like Income Tax.

PRE LAUNCH PROJECTS AND OUR ARTICLE ON THE SCAM PUBLISHED ON 29-01-2013


a-representatin-to-the-chief-minister-by-the-affected-to-take-action-against-cheating-real-estate-companies

COMPLAINT SUBMITTED TO THE CHIEF MINISTER OF KARNATAKA IN JANUARY 2017

PUBLISHED ON JANUARY 29, 2013- ALMOST THREE YEARS AGO – NOW THE BUYERS ARE FEELING THE HEAT AND PINCH

PRE LAUNCH HOUSING (APARTMENT) PROJECTS

1 Vote

FULL PAGE NEWS PAPER PUBLICATIONS (ADVERTISEMENTS), INTERNET (ELECTRONIC MEDIA) AND OTHER MODES OF ADVERTISEMENTS ARE BEING RESORTED TO WOO AND COMPEL THE POTENTIAL APARTMENT BUYERS TO INVEST AND BUY HOMES AT LOW COST OR AT COST PRICE OR AT TEMPTING PRICES BY MARKETING AGENTS/EXECUTIVES IN BANGALORE.  PLEASE CONDUCT A DILIGENT CHECK AND SCRUTINY OF THE TITLES(DOCUMENTS) APPROVALS AND THE BACKGROUND OF THE SELLERS AND THE OWNERS BEFORE INVESTING.

SOME OF THE COMPELLING STATEMENTS OR ARGUMENTS IN SUPPORT OF THE SALES CLAIM ARE:

1). WE HAVE COMPLETED  xxxx MANY PROJECTS AND APARTMENTS.

2). BANKS HAVE APPROVED OUR PROJECTS.

3). WE HAVE SOLD  XXXX APARTMENTS OR XXXX MANY BUYERS HAVE BOOKED OR INVESTED IN OUR PROJECTS.

PLEASE OBTAIN ALL THE DETAILS WITH DOCUMENTARY EVIDENCE REGARDING THE COMPLETED PROJECTS.

DEMAND A LETTER FROM THE BANK THAT THE TITLES OF THE PROPOSED PROJECT OR PROPERTIES ARE CLEAR AND THE BANKS WILL TAKE THE RESPONSIBILITY OF NOT DEMANDING REFUND OF THE LOAN, IF THERE IS ANY SUITS OR LITIGATION.

PLEASE COLLECT THE COMPLETE NAMES AND FULL ADDRESSES OF ALL THOSE THOUSANDS OF APARTMENT BUYERS, WHO HAVE BOOKED THE PROPERTIES.

CHECK ALL THE RELEVANT DOCUMENTS AT THE CONCERNED THALUK OFFICE, DC OFFICE, BDA/BBMP OFFICE, INCOME TAX DEPARTMENT, BMTF AND SUB-REGISTRAR OFFICE AND PLACE A PUBLIC NOTIFICATION IN THE NEWSPAPERS INVITING CLAIMS OR OBJECTIONS FROM THE CLAIMANTS OR PUBLIC.

CHECK ALL THE PERMISSIONS, LICENSES, APPROVALS, NOCS AND CONSENTS AND THOROUGHLY READ ALL THE CONDITIONS ON WHICH SUCH PERMISSIONS ETC ARE ISSUED.

CHECK ALL THE ORIGINALS BEFORE ISSUING THE CHEQUE OR CASH.

ISSUE CHEQUE DIRECTLY IN THE NAME OF THE ORIGINAL OWNER AND NOT TO ANY MARKETING AGENCY OR OTHERS. OBTAIN OFFICIAL AND LEGITIMATE RECEIPT.

A SCAM IS BREWING!!!!!!!

Income Tax Sleuths Unearth Innovative Methods of Laundering and Transportation of Cash at Mumbai, Nagpur and Ahmedabad


MINISTRY OF FINANCE

INCOME TAX DEPARTMENT

Income Tax Sleuths Unearth Innovative Methods of Laundering and Transportation of Cash at Mumbai, Nagpur and Ahmedabad

Income tax investigations at Mumbai led to the revelation of a syndicate of ground level operators active in converting banned currency notes into legal tenders for a commission. As part of the operation to nab the culprits, Income Tax Investigation Directorate sent out a few decoy customers seeking to exchange banned currency notes into new notes. The syndicate, acting through its mediator, agreed to the exchange for a 35% commission. The exchange was to take place at the mediator’s residence. The mediator was caught red handed and new currency notes aggregating to Rs. 29.5 lakh was seized.

It has now emerged that the syndicate comprised of many ground level operators (GLOs) – mainly local youths led by a master aggregator and a mediator. The mediator would seek customers. The GLOs would withdraw new currency in their own names or names of friends and family within the prescribed weekly limits, pass it on to the aggregator for a commission and deposit the old notes in their own accounts or accounts of family or friends in small sums.

Another investigation into cash deposits in a bank account in Nagpur revealed that the account holder had no knowledge of the existence of her account where Rs. 3.29 crore had been deposited after 8th November, 2016. Enquiries by the Department revealed 6 more such accounts in her and parents’ names. The 7 accounts were opened and operated by unknown persons to launder cash of Rs. 4.25 crore. Evidences gathered suggest that copies of PAN and other personal documents that she handed over to a friend few years back were used to fraudulently open these accounts in Kolkata, which were operated to channel suspicious funds to 8 beneficiaries, who are now being investigated.

In an interesting case at Ahmedabad, discrete intelligence gathered by the IT investigation team led to a survey at the premises of a transporter in the late hours of 3rd December, 2016. Twenty four cartons in the godown of the transporter meant for transport to Delhi were found. Lorry receipts declared these to contain fire crackers. When the cartons were opened and examined, two cartons were found to conceal currencies in the denomination of Rs.100 aggregating Rs. 27 lakhs. On interrogation, the consigner claimed that the cash was on account of sale of fire crackers being transported to Delhi for purchase of fire crackers. The cash was seized on 5th December, 2016.

DEPOSITING OR ENCASHING RS.500/- AND RS.1,000/- NOTES. BEWARE !!! THE INCOME TAX DEPARTMENT IS WATCHING YOU


As per the IT department, the physical cash circulation in India is Rs 17 lakh crore and out of this, 88 per cent is Rs 500 and Rs 1,000 notes. Official data suggest that 40 per cent of black money is generated in real estate, while stock market and bullion transactions are other big sources.

  1. The Income Tax department will keep a check on individuals who exchange cash amount of Rs 2 lakh and above.

  2. The objective is to make Indians tax compliant, eventually leading to higher revenues for the government.

  3. The IT department has been asked to keep record of every individual, their PAN card details, and tally it with tax filing.

  4. Accordingly, the department will impose penalty, which could be between 30 per cent and 120 per cent, depending on the source of income.

 

REALTOR UNDER THE INCOME TAX SCANNER AT BANGALORE


POLITICALLY POWERFUL REALTOR GROUP, WHICH ACQUIRED HUGE STRETCH OF PROPERTIES, EVER SINCE, THE ARRIVAL OF NEW GOVERNMENT IN THE STATE IS UNDER THE SCANNER OF ENFORCEMENT DIRECTORATE AND SCRUTINY BY THE INCOME TAX DEPARTMENT.

THE AGENTS, DIRECTORS, SELLERS AND BUYERS ARE IN THE NET.

IT IS SAID THAT THE CATCH WILL BE HUGE WITH LOTS OF INPUTS FROM DIFFERENT SOURCES.

IT IS ALSO SAID THAT THIS NEW GROUP EMERGED, ALL OF A SUDDEN FROM THE BRINK, RAISING SUSPICION.

BBMP BANK ACCOUNTS FROZEN BY THE INCOME TAX DEPARTMENT ON MONDAY


The notorious BBMP is in the news again as usual for its mismanagement and non compliance. The income tax department on Monday froze 40 bank accounts of the Bruhat Bangalore Mahanagara Palike (BBMP) for failing to respond to a tax notice of Rs 31.5 crore in connection with transfer development rights (TDR) certificates issued by the civic agency for having neglected and ignored to respond to the notices of the Income Tax Department, as BBMP felt and behaved in the same manner with all other departments, but got the BOOT from IT department. But, the balance in all the accounts were just Rs2 Crores only.

Nothing serious happened, as usual, some cheques got bounced and BBMP is not bothered about it.

CBDT identifies Income Tax Return non-filers –


The Income Tax Department had initiated a business intelligence project in February, 2013 to identify PAN holders who have not filed Income Tax Return and about whom specific information is available in Annual Information Return (AIR), Central Information Branch (CIB) data and TDS/TCS Returns. In the first round of data matching, 12.19 lakh non-filers were identified. Letters have been sent in these cases by the Compliance Management Cell and Assessing officers seeking the response of the taxpayer. The results of this initiative is very encouraging and 5,36,220 returns have been received from the target segment. Self assessment tax of Rs.1017.87 Cr. and advance tax of Rs. 898.22 Cr. has also been paid by the target segment.

The Income Tax Department has now conducted the second round of data matching which has identified additional 21.75 lakh potential non-filers. The Department has sent letters to the 50,000 potential non filers in the first batch. The information relating to the 21.75 lakh new non filers has been made available on the ‘Compliance Module’ on the e-filing portal of the Income Tax Department. The information will be shown only to the specific PAN holder when the PAN holder logs into e-filing portal at https://incometaxindiaefiling.gov.in. The PAN holder will be able to submit the response electronically and keep a printout of the submitted response for record purposes.

While the Government urges all tax payers to disclose their true income and pay appropriate taxes, the Tax Department would continue to pursue the non filers vigorously till all the high potential non filers are covered.

(Dr. B.K. Sinha)
Commissioner of Income Tax(C&S)
CBDT, North Block

——————————

Related Press Release by Ministry of Finance Dated 21.02.2014

Government Urges all Tax Payers to Disclose Their True Income and Pay Appropriate Taxes;


Income Tax Department Conducts the Second Round of Data Matching Identifying New 21.75 Lakh Potential Non-Filers and Information About Them Made Available on the ‘Compliance Module’ on E-Filing Portal of the Department

The Income Tax Department, Department of Revenue, Ministry of Finance has now conducted the second round of data matching which has identified additional 21.75 lakh potential non-filers. The Department has sent letters to the 50,000 potential non filers in the first batch. The information relating to the 21.75 lakh new non-filers has been made available on the ‘Compliance Module’ on the e-filing portal of the Income Tax Department. The information will be shown only to the specific PAN holder when the PAN holder logs into e-filing portal at https://incometaxindiaefiling.gov.in. The PAN holder will be able to submit the response electronically and keep a print-out of the submitted response for record purposes.

Earlier the Income Tax Department had initiated a business intelligence project in February, 2013 to identify PAN holders who have not filed Income Tax Return and about whom specific information is available in Annual Information Return (AIR), Central Information Branch (CIB) data and TDS/TCS Returns. In the first round of data matching, 12.19 lakh non-filers were identified. Letters have been sent in these cases by the Compliance Management Cell and Assessing officers seeking the response of the taxpayer. The results of this initiative is very encouraging and 5,36,220 returns have been received from the target segment. Self assessment tax of Rs.1017.87 Cr. and advance tax of Rs. 898.22 Cr. has also been paid by the target segment.

While the Government urges all tax payers to disclose their true income and pay appropriate taxes, the Tax Department would continue to pursue the non filers vigorously till all the high potential non filers are covered.

Pan applicant details will be verified from 03-02-2014, before the issue of the PAN CARDS – INCOME TAX DEPARTMENT


Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

Dated 24th January, 2013

Press Release

The procedure for PAN allotment process will undergo a change w.e.f. 03.02.2014. From this date onwards, every PAN applicant has to submit self-attested copies of Proof of Identity (POI), Proof of Address (POA) and Date of Birth (DOB) documents and also produce original documents of such POI/POA/DOB documents, for verification at the counter of PAN Facilitation Centres. The copies of Proof of Identity (POI), Proof of Address (POA) and Date of Birth (DOB) documents attached with PAN application form, will be verified vis a vis their original documents at the time of submission of PAN application at PAN Facilitation Centre. Original documents shall not be retained by the PAN Facilitation Centres and will be returned back to the applicant after verification.

(Rekha Shukla)
Commissioner of Income Tax (M&TP)
Official Spokesperson, CBDT

HOUSE BUILDING CO – OP SOCIETY`S PROJECT IN SHAMBLES


THE SUPREME COURT OF INDIA`S ORDERS AND THE SUBSEQUENT PROCEEDINGS BY THE BDA AND THE STATE GOVERNMENT HAS FINALLY BROUGHT THE JUSTICE TO THE LANDLORDS, WHOSE LANDS HAD BEEN ACQUIRED FOR THE SOCIETY. 

THE LAYOUT(SUPPOSES TO HAVE FORMED) AND THE ALLOTMENT STANDS CANCELLED IN RESPECT OF SEVERAL SURVEY NUMBERS.

AS SUSPECTED AND PUBLISHED BY ONE OF OUR READERS REGARDING THE ILLEGALITIES and IRREGULARITIES OF THE HOUSING SOCIETY, WHICH IS UNDER SCRUTINY BY THE INCOME TAX DEPARTMENT, IG STAMPS AND REGISTRATION AND ENFORCEMENT DIRECTORATE, THE DEVELOPMENT AND THE POSSESSION OF THE SITES MIGHT TAKE FEW MORE YEARS FROM NOW, AS IT IS ALREADY DELAYED BY OVER 5 YEARS.

ANOTHER WELFARE HOUSING SOCIETY`S ACTIVITIES ARE ALSO UNDER SCRUTINY BY THE LOKAYUKTA, MAY GET INTO LEGAL TANGLE, DUE TO IRREGULARITIES.

BOUGHT A SITE FROM HOUSING CO-OP SOCIETY- GET READY FOR ENQUIRY!!


READ THE LINK IN KANNADA:

A NEWS PAPER REPORT: CLICK ON THE LINK

LARGE SCALE TAX EVASION DETECTED BY THE INCOME TAX DEPARTMENT AND THE DEPARTMENT OF STAMPS AND REGISTRATION IN KARNATAKA

SITES FORMED BY HOUSING CO OP SOCIETIES AND SOLD BY THEM.

CLICK ON THE LINK DOWN:

http://www.kannadaprabha.com/top-news/%E0%B2%AE%E0%B3%81%E0%B2%A6%E0%B3%8D%E0%B2%B0%E0%B2%BE%E0%B2%82%E0%B2%95-%E0%B2%B6%E0%B3%81%E0%B2%B2%E0%B3%8D%E0%B2%95-%E0%B2%B5%E0%B2%82%E0%B2%9A%E0%B2%A8%E0%B3%86-%E0%B2%A8%E0%B2%BF%E0%B2%B0%E0%B3%8D%E0%B2%AE%E0%B2%BE%E0%B2%A3-%E0%B2%B8%E0%B2%82%E0%B2%98%E0%B2%97%E0%B2%B3-%E0%B2%A4%E0%B2%A8%E0%B2%BF%E0%B2%96%E0%B3%86/122729.html

AN EXAMPLE:

BOUGHT A SITE FROM A HOUSING CO OP SOCIETY, MEASURING 1200SQUARE FEET(30X40 FEET) AT RS1000/- PER SQUARE FEET AND REGISTERED IT FOR RS500/-  OR AT RS6,00,000/- AT GUIDANCE VALUE OR THE SR VALUE!!! PAID CASH OF RS500/- SQUARE FEET OR RS6,00,000/- IN CASH OR CHEQUE.

THE PENALTY WILL BE RS3,96,000/- ONLY.

Income Tax Department`s NEW CHECKS !!!


The Income Tax department will check the details of any cash transaction of more than Rs 50000 if you are a non salaried person. The method adopted by the Income Tax officials is through the introduction of new forms at the time of filing of returns. These forms will contain points that will need to be answered by a non salaried person if his/her dealing in cash is more than Rs 50000.

These assets may include vehicles owned by the individual or property in bullion like Gold ornaments, Real Estate investments etc. The purchase of these products will now on invite identity proofs of the holder. The new guidelines have been framed in order to crack down money laundering, which has been in the news for some time now. The framework of IT department also includes paintings, work of art that a person possess. These details furnished by the persons are for tracking chain of illegal transactions and dealings.

A work of art, bullion, vehicles, houseboats, yachts and private aircraft etc. will form part of the documentation required by Income Tax. The department is also planning to include land deals, money deposited in shares, bank deposits, insurances in the name of the individual. The Income Tax Department is also asking for documents to the loans and advance payments of the assessees. further, the department will ask for the debt and liabilities of the assessees as well.

The step has been taken so that proper facts are reported which were generally hidden from the department at the time of filing the returns. The cross check will be more stringent and the statement by the individual will be checked with third-party sources of tax officials.  

 

 

NOTICE TO OVER 1,75,000 INCOME TAX ASSESSEES WHO HAVE NOT FILED THEIR INCOME TAX RETURNS


THE INCOME TAX DEPARTMENT HAS IDENTIFIED 12 LAKH NON-FILERS AND HAVE STARTED THE EXAMINATION OF THE DATA AND HAS ISSUED 1,75,000 NOTICES AND MORE IS EXPECTED SOON.

The Income Tax Department has also initiated a Data Warehouse and Business Intelligence (DW & BI) Project to develop an integrated platform for effective utilisation of information to promote voluntary compliance and deter non-compliance