IT dept keeping eye on property buyers in MP

Bhopal, Aug 18 (UNI) Chief Income Tax Commissioner (Madhya Pradesh and Chhattisgarh) M K Moghe today said the Income Tax Department is keeping an eye over people buying land and expensive properties in and around Bhopal.

Mr Moghe made the statement while replying to a question about 'benami' land transactions of valuable land reportedly being purchased by influential buyers at far less price during 'Meet the press' programme organised by the Central Press Club here.

''Such elements cannot escape from the sight of the department.

Besides, it monitors details of property filed in declaration by candidates during election,'' he said, adding that verification of declaration was also carried out if required.

Replying to another question, Mr Moghe said 2,74,950 IT returns had been filed by July 31 as against 3,30,130 IT returns filed during the same period in Bhopal last year. This was less by nine per cent as compared to the last fiscal.

He admitted that new performa of IT forms could be the reason behind less people filing returns.

Mr Moghe said people who failed to file their returns by July 31 could file their return now if no tax was due on them. However, if tax was due to be paid, the IT return could be filed with one per cent interest by March 31, 2008 failing which, penalty would be charged.

He said a target had been set to collect Rs 4,000 crore as revenue from Madhya Pradesh and Chhattishgarh in 2006-07 but was not achieved. However, he could not provide information about the amount of shortage in revenue.

A target has been set to collect Rs 5,035 crore as revenue from in Madhya Pradesh and Chhattisgarh.

UNI