Patna: The Income Tax (I-T) department has detected alleged tax irregularities during a two-day survey at the offices of two real estate firms in Patna. Preliminary findings indicate a tax discrepancy of around Rs 40-50 lakh, primarily due to alleged non-compliance with Tax Deducted at Source (TDS) provisions.According to I-T officials, the survey focused on an under-construction project at Saguna Mor and revealed multiple lapses in TDS compliance. The firms allegedly failed to deduct TDS on payments related to services, purchase of goods, sale and purchase of immovable property, contractual work, development agreements and salaries, as required under the Income Tax Act.The department has also begun assessing potential capital gains tax liabilities. According to officials, the two companies are executing projects at four to five sites, with total expenditure estimated at nearly Rs 50 crore. Based on records examined so far, authorities estimate the tax liability at around Rs 40-50 lakh, though the assessment is still underway.Officials said the investigation is continuing and the final tax demand will be determined after scrutiny of financial records and completion of assessment proceedings.
