AKRAMA-SAKRAMA AMENDMENT RETURNED


THE GOVERNOR OF KARNATAKA HAS RETURNED THE AMENDMENT BILL ON AKRAMA – SAKRAMA (REGULARISATION OF UNAUTHORISED BUILDING IN GOVERNMENT LANDS) AND HAS ADVISED THE GOVERNMENT TO TAKE ACTION ON A.T.RAMASWAMY COMMITTEE REPORT AND TASK FORCE REPORT ON THE RECOVERY OF THE GOVERNMENT LANDS.

THE AKRAMA-SAKRAMA BILL IS POSTED FOR HEARING IN THE HIGH COURT OF KARNATAKA TODAY !!!

 

 

The ISSUES the buyer may face to implement this TDS provisions – The rate of 1% may increase to 20% if seller does not provide PAN due to overriding provision of section 206AA of ITA.


  • Obtaining TAN number for complying with the provisions;
  • Issuance of TDS certificate to the seller;
  • Filing of TDS return quarterly and mention PAN of the seller;
  • Taxes needs to be deposited within the specified time limit with the Government; and
  • May be scrutinized by the TDS officer

The rate of 1% may increase to 20% if seller does not provide PAN due to overriding provision of section 206AA of ITA.

TDS ON PROPERTY TRANSACTION FROM 01-06-2013


TAX DEDUCTED AT SOURCE (TDS) ON THE PROPERTY TRANSACTIONS ABOVE THE VALUE OF RS50 LAKHS IS EFFECTIVE FROM 01-06-2013, A NOTIFICATION TO THIS EFFECT IS PLACED BY THE INCOME TAX DEPARTMENT.  THIS NOTIFICATION IS NOT APPLICABLE TO AGRICULTURAL LANDS.

ONLINE TDS PAYMENT IS AVAILABLE AND THOSE, WHO CANNOT ACCESS IT, CAN MAKE/DEPOSIT THE TAX IN THE AUTHORISED BANKS.

THE VALUE OF THE PROPERTY IS CONSIDERED ON THE GUIDELINE VALUE PUBLISHED BY THE DEPARTMENT OF STAMPS AND REGISTRATION OR THE CONSIDERATION AMOUNT, WHICHEVER IS HIGHER.

NOTICE TO OVER 1,75,000 INCOME TAX ASSESSEES WHO HAVE NOT FILED THEIR INCOME TAX RETURNS


THE INCOME TAX DEPARTMENT HAS IDENTIFIED 12 LAKH NON-FILERS AND HAVE STARTED THE EXAMINATION OF THE DATA AND HAS ISSUED 1,75,000 NOTICES AND MORE IS EXPECTED SOON.

The Income Tax Department has also initiated a Data Warehouse and Business Intelligence (DW & BI) Project to develop an integrated platform for effective utilisation of information to promote voluntary compliance and deter non-compliance

AKRAMA-SAKRAMA SCHEME MAY BE MODIFIED


THE MUCH AWAITED REGULARISATION SCHEME MIGHT BE REVIEWED AND MODIFIED TO COVER THE ENTIRE SPECTRUM OF DEVIATION, VIOLATION AND IRREGULARITIES UNDER KLR ACT, KMC ACT AND KTCP ACT WITH A VIEW TO SLAP A HEFTY PENALTY, THAT MIGHT DISCOURAGE THE FUTURE VIOLATIONS AND PROVIDE MUCH NEEDED REVENUE TO THE MUNICIPALITIES FOR THE DEVELOPMENT OF INFRASTRUCTURE.

 

PUBLIC INTEREST LITIGATION ON THE RECOVERY OF GOVERNMENT LANDS


THE HIGH COURT OF KARNATAKA HAS ISSUED NOTICES TO THE CENTER AND THE STATE GOVERNMENT ON A PIL FILED BY MR.HIREMUTT, ON THE RECOVERY OF THE GOVERNMENT LANDS AND ACTION PROPOSED TO BE TAKEN ON THE IRREGULARITIES.

THE PIL IS FILED ON THE BASIS OF THE A.T.RAMASWAMY COMMITTEE REPORT AND THE STF REPORT HEADED BY SRI.V.BALASUBRAMANIAN.I.A.S.(RETD).

THE NEW GOVERNMENT MIGHT TAKE SERIOUS NOTE OF THE ISSUE AND TAKE STRICT ACTION AGAINST THE OFFENDERS AND ENCROACHERS.

SOME ILLEGAL AND UNAUTHORISED (CLAIMED TO BE)GATED COMMUNITIES VALUED OVER RS500 TO RS800 CRORES AND APARTMENTS BUILT ON INDUSTRIAL LANDS IN PATTANDUR AGRAHARA WILL BE REEXAMINED AND ULTIMATELY THE GOVERNMENT WILL RECOVER SUCH PROPERTIES.

HAD THE BUYERS WERE DILIGENT AND CONDUCTED THOROUGH A ENQUIRY INTO THE TITLES AND THE COMPLIANCE, BEFORE THE PURCHASE, WOULD NOT HAVE LANDED IN THIS SITUATION?

BMTF- HAS NOT SHUT SHOP – AAG TO THE COURT


THE GOVERNMENT HAS STATED THAT IT HAS NOT ISSUED ANY ORDER/NOTIFICATION REGARDING THE TERMINATION OR DISCONTINUANCE OF THE TASK FORCE AND THE FORCE WILL CONTINUE.

A MEGA RESIDENTIAL PROJECT IN BANGALORE EAST IS UNDER THE LENS FOR THE ALLEGED IRREGULARITY/VIOLATION, IN THE SANCTION OF BUILDING PLAN BY BDA !!!!!