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 possible capital gains tax liabilities. The officials noted that the two companies are working on projects at four to five locations, with total expenditures estimated at around ₹50 crore. Based on the records reviewed so far, authorities estimate the tax liability could reach approximately ₹40-50 lakh, although the assessment is still ongoing.
The investigation is continuing, and the final tax demand will be established following a thorough examination of financial records and the conclusion of the assessment proceedings.
