• Department is closely watching payment of advance taxes

• Jewellers asked to provide information on individuals purchasing jewellary worth over Rs 5 lakh.

Indore: If you have done big property deals, made huge investments and made payments through credit cards or purchased jewellery worth over Rs 5 lakh, then you are under the scanner of income tax department. The department is keeping close watch on such deals and notices are also being served.

The I- T department is also keeping close watch on the last instalment of advance taxes, which is payable by March 15, 2014. The department is scrutinising taxes paid by those persons or assesses, who have deposited huge amounts in their bank accounts, purchased properties or made investment in securities. The payments made through credit cards are also being scanned by the income tax department.

Persons/ assesses, who are paying substantially less advance taxes than the previous financial year are likely to be scrutinized further by the department for the purpose of survey and search actions.

Highly placed sources of the department said that instances have also come to the notice of the department that a large number of persons who have sold land in and around Indore for crores of rupees and are liable to pay advance tax on capital gain from the sale of property. Information is being collected from all the sub- registrars and information received is being monitored. Action will be initiated against those persons who have concealed income from sale of immovable property.

Lawyer of land and property deals Pramod Dwivedi said that notices are being received by the sub registrars of the lands.

Sources further said that recently the income tax department has collected information about cash deposits made in co- operative societies and co- operatives banks including the Jila Sahkari Banks. The data is being scrutinised and action will be taken in cases where such deposits and bank accounts are found.

The department is also collecting information about the purchases of jewellery worth over Rs 5 lakh and bullion exceeding Rs 2 lakh. Letters have been issued to all the major jewellers and bullion dealers to provide information about such persons.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal

www.freepressjournal.in