Realtors disclose 95 cr unaccounted income - Times of India

Official sources said the unaccounted income disclosure is likely to cross Rs 100 crore as the scrutiny is still going on at the offices and houses of a couple of Realtors and it was likely to be concluded by Friday. Realtors In the three-day search and seizure operation against the Real Estate groups, the I-T sleuths seized cash worth Rs. About 35 premises of the city realtors were searched by the I-T sleuths including their offices in Mumbai and Ahmedabad. Till now, unaccounted income disclosure worth Rs 95 crore has been made by the realtors. This is the highest income disclosure in the current financial year," said a senior I-T officer. The parties under investigation revealed the income over and above the income they had reported in the tax returns. This income is then taxed at a rate of around 33 per cent. However, the investigations will continue and the raiding team will prepare a report on the basis of which further assessment will be made. There are chances that the assessees' tax liability would also be increased later on. Last year, during the same period, the I-T department had raided two real estate groups and a leading diamond company and recovered unaccounted income worth Rs 156 crore. This will alert our moderators to take actionNameReason for reporting:Foul languageSlanderousInciting hatred against a certain communityOthersYour Reason has been Submitted to the admin.