TAX EVADERS (LEADING CREDAI BUILDERS) IN THE NET


VAT TAX 

THE COMMERCIAL TAXES DEPARTMENT HAS WOKEN UP AND RAIDED SEVERAL BUILDERS LIKE MANTRI, DS MAX, EMBASSY AND NITESH AND COLLECTED OVER 140 CRORES IN THE ARREARS OF VAT COLLECTED BY THESE BUILDERS FROM THE BUYERS OF THE PROPERTY.

IT IS TO BE NOTED THAT THESE BUILDERS COLLECT THE VAT OR COMMERCIAL TAX FROM THE BUYERS, IN THE EMI AND NEVER PAID IT TO THE GOVERNMENT.

FURTHERMORE, THERE ARE MANY SMALL TIME DEVELOPERS WHO ARE ABSCONDING OR ADDRESS LESS NOW OR WILFUL AND DELIBERATE TAX EVADERS HAVE NOT BEEN BROUGHT INTO THE NET.

IF THE DEPARTMENT ACTS DILIGENTLY, IT CAN COLLECT OVER RS1000/- CRORE OF THE TAX PAID BY THE BUYERS OF THE PROPERTIES.

MAJORITY OF THESE LEADING TAX EVADERS HAVE NOT ISSUED VAT BILL-TAX BILL- TO THE BUYERS OF THE PROPERTY.

SERVICE TAX

ANOTHER GREY AREA WHERE SERVICE TAX PAID BY THE BUYERS OF THE PROPERTY HAS BEEN MANIPULATED AND TAXES COLLECTED HAD NOT BEEN DEPOSITED WITH THE DEPARTMENT.

INCOME TAX RAID ON PROMINENT BUILDERS AT BANGALORE


The Income Tax Department has RAIDED two prominent builders in the city, suspecting large scale tax evasion, though, it is said to be a `ROUTINE CHECK`, some important documents were `SEIZED` by the authorities for verification.

It is also learnt from the reliable sources that the SERVICE TAX COMMISSIONARATE may also conduct a check on the modalities of the transactions of the builders, who are suspected of evading service tax by executing tax evading agreements with the buyers.

The search went on for more than 12 hours, commenced around 8 a.m., and was conducted in about 30 offices and residential premises to ascertain tax compliance by the two real estate firms and is said to be a “routine check” to survey the documents.