Return of Income

This query is : Resolved

abhishekagarwal (Querist)
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19 June 2010 An individual has sold an immovable property during the year & this informaion is not shown in his itr, & he has not paid capital gain tax on it. How will ITO find such income?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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19 June 2010 Income tax viewing high transactions in the Individual`s bank accounts -it may help to IT department

Taxguy

Taxguy (Expert)
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19 June 2010 Under AIR, the Registrar, Bank authorities are bound to file such info to IT authorities which will the source for IT folks.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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20 June 2010 AGREE WITH RAMESH JI IT CAN BE FIND OUT THROUGH INDIVIDUALS BANK STATEMENT

CA Sanjay Jha

CA Sanjay Jha (Expert)
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20 June 2010 I agree with Mr Kotresh because as per income tax AIR (annual information Report) must be compliance by some indian entities which cover under this section.It covers Bank,Registrar, RBI, Hotel,Stcok Exchange, Companies etc under prescribed limit.