TDS Violations Found in Patna Real Estate by Tax Department
Representative AI image PATNA: The Income Tax (I-T) department has uncovered alleged tax discrepancies during a two-day survey of two real estate firms in Patna. Initial findings suggest a tax discrepancy of approximately ₹40-50 lakh, mainly due to non-compliance with Tax Deducted at Source (TDS) rules. I-T officials stated that the survey centered on an under-construction project at Saguna Mor, revealing various lapses in TDS compliance. The firms reportedly failed to deduct TDS on payments for services, goods, immovable property transactions, contractual work, development agreements, and salaries, as mandated under the Income Tax Act. The I-T department has begun reviewing…
