NEW DELHI: The Income Tax department has hooked up benami homes worth Rs 4,300 crore until June 30, the government stated lately.
Minister of State for Finance Shiv Pratap Shukla stated the government has taken various steps to spot benami homes and the I-T department has set up 24 devoted Benami Prohibition Units throughout India.
"As on June 30, 2018, provisional attachments have been made in more than 1,600 benami transactions involving benami properties valued at over Rs 4,300 crore," Shukla stated in a written reply in the Rajya Sabha.
The Benami Transaction (Prohibition)Amendment Act, 2016, seeks to prohibit the benami transaction without reference to the process during which such assets, both movable and immovable, is acquired.
In every other reply, Shukla stated tax collections from foreign companies have long gone up to Rs 27,561 crore in Assessment Year (AY) 2017-18, from Rs 24,541 crore a yr in the past.
He stated as in step with provisions of the I-T Act, a foreign corporate is vulnerable to tax all income, whether received or deemed to be received, from any source in India.
"However, the taxation of a foreign company under the Act is subject to the provisions of the Double Taxation Avoidance Agreement, if any, between India and the country of which the foreign company is resident," Shukla stated.
Minister of State for Finance Shiv Pratap Shukla stated the government has taken various steps to spot benami homes and the I-T department has set up 24 devoted Benami Prohibition Units throughout India.
"As on June 30, 2018, provisional attachments have been made in more than 1,600 benami transactions involving benami properties valued at over Rs 4,300 crore," Shukla stated in a written reply in the Rajya Sabha.
The Benami Transaction (Prohibition)Amendment Act, 2016, seeks to prohibit the benami transaction without reference to the process during which such assets, both movable and immovable, is acquired.
In every other reply, Shukla stated tax collections from foreign companies have long gone up to Rs 27,561 crore in Assessment Year (AY) 2017-18, from Rs 24,541 crore a yr in the past.
He stated as in step with provisions of the I-T Act, a foreign corporate is vulnerable to tax all income, whether received or deemed to be received, from any source in India.
"However, the taxation of a foreign company under the Act is subject to the provisions of the Double Taxation Avoidance Agreement, if any, between India and the country of which the foreign company is resident," Shukla stated.
Benami properties worth Rs 4,300 crore attached: Government
![Benami properties worth Rs 4,300 crore attached: Government]()
Reviewed by Kailash
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July 25, 2018
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