JAMSHEDPUR: The Bihar-Jharkhand circle of income tax department, which is lagging behind in tax collection for the year 2017-18, has revised its strategy to achieve it target by March 31.
As part of its strategy, the Jamshedpur circle of the I-T department has issued notice to 1,600 land owners who have signed a joint development agreement (JDA) with builders for construction of commercial and residential buildings in the last five years.
“So far, builders have been targeted but now land owners who have made capital gains by selling property to the builders have been asked to show up with capital gains (for taxation purpose),” said Avinash Kishore Sahay, principal I-T commissioner (Jamshedpur circle).
The top I-T official said persons with JDA worth Rs 30 lakh have been issued notices.
Sahay further said 380 people have been issued notices under the ‘Operation Clean Money’ (OCM) to file their returns in a time-bound manner and prevent punitive action.
“Dubious bank accounts of parties with individual cash deposits of over Rs 10 lakh in banks following the demonetization have been asked to file revised returns,” Sahay said, adding that out of 380 parties, 141 have filed the returns, so far.
Incidentally, the Bihar-Jharkhand circle has achieved 83% tax collection against a target revenue collection of Rs 13,200 crore for 2017-18.
Jamshedpur circle, which is an important circle in the Bihar-Jharkhand command area, has recorded 73% achievement against a target of Rs. 379 crore. The all-India target is Rs 10.05 lakh crore.
“The slowdown in the business of Coal India Ltd has resulted in revenue shortfall of Rs 900 crore to Jharkhand circle this year,” Sahay said, addressing press conference at his office on Monday. The I-T official also appealed to the TDS return filers of the Kolhan division to file TDS on time as it would help the local circle to achieve the tax collection and reach close to the target figure within the stipulated time frame.