The income tax department plans to review realty deals following allegations of rampant use of black money in many transactions as stated by Central Board of Direct Taxes.
The black money component continues to remain high despite most states now fixing circle rates, or minimum rate at which a property can be registered, for various localities.
The government is also considering making it mandatory for registrars to report all property transactions under the anti-money laundering law. The department is expected to rely heavily on technology, and information on taxpayers which it receives from various sources under a 360 degree profiling system.
While the number of searches came down, the quality of searches improved because of the 360 degree profiling system, Also, the amount of undisclosed wealth increased as the department is making effective use of technology and data.
[Source: The Economic Times]
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