As per circular of the CBDT you can file verification form ITR-V (pdf) within 30 days of uploading the electronic data then date of uploading the data will be treated as date of filing of income tax return. But if you are not able to file ITR-V within 30 days then you have to reupload the return and new ITR-V has to be filed. Suppose you have uploaded the data electronically on 31st July and you file the ITR-V on 30th Aug then date of filing of income tax return will be 31st July but if you are not able to submit ITR V on or before 30th August retun will be treat as “never filed”. All assessee has to sumit their ITR-V at central location at :
Income Tax Department ,
CPC, Post Bag No – 1,
Electronic City Post Office,
Bangalore – 560100, Karnataka
Categories: Income Tax
Tagged: Income Tax, Income Tax Return, ITR-V, taxation
Authority for Advance Rulings vide a ruling pronounced on 7th April 2008 has ruled that a Real Estate Developer who is booking, constructing and selling residential units on land owned by him is liable to service tax.
- Though the rulings of the Authority are binding only on the applicant and the service tax department; but since the issue has been settled in favour of service tax department; all the Builders and Real Estate Developers who are not paying service tax on construction of residential flats and units are going to be slapped the demands of service tax. Majority of the Builders are neither charging nor paying any service tax on construction and sale of residential flats. The costs of residential flats and units are also going to witness a hike due to service tax liability. This may lead to a further slowdown in Real Estate market.
- The applicant is a developer of residential housing projects in Gujarat. As per the proposed activities No.1 & 2, the residential units will be constructed either on its own or through a contractor and the residential units so constructed will be sold to third parties. The applicant will book the residential unit after taking a booking amount and the total cost of the residential house will be specified to the buyers at the time of booking.
- The proposed activities no. 3 & 4 consist of sale of plots of land inside the complex to the prospective buyers who will also enter into works contract with the applicant for the construction of residential units. Under the proposed activity no.4 the applicant will for the purpose of executing the contract with the buyer enter into works contract with Contractors.
Categories: Service Tax
Tagged: real estate, residential property, rulings, Service Tax, taxation
