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.
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.