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Old 23rd November 2005, 10:58   #1
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Default Watch out flashy Bangalorians and others - Big brother IT is watching you

http://timesofindia.indiatimes.com/a...ow/1304884.cms

BANGALORE: Planning to buy a Mercedes or Nissan X-Trail or Skoda Octavia?

Be careful, the taxman is watching you. RTOs across the country have been asked to file monthly statements of people buying expensive vehicles.

"The statement is used by income tax sleuths to search for unaccounted money," a chartered accountant said.

"Going by the recent raids, it is evident that those addresses of were picked up from RTOs."

Every month, RTOs prepare a statement of the people buying vehicles worth over Rs 1 lakh and send it to the IT department.

"The IT department is now serious about the statements," RTO (Jayanagar) Syed Shafi Ahmed told The Times of India on Tuesday
When somebody comes to register a new vehicle or transfer the ownership of an old vehicle, we insist on PAN card. If he/she does not have it, the purchaser has to fill up a form," Ahmed said.

"We then list those who have bought higher-denomination vehicles," he added.

"Later, the taxman pulls out the annual returns of the buyers and tallies the income in it with the purchase made. If it doesn't match, the department either issues a notice or conducts a raid," a chartered accountant said.

If the vehicle is purchased under a loan scheme and the monthly instalment does not tally with the income, then too the buyer is in trouble, he said.

Buyers avail of loans at the time of purchase to fool the IT authorities and close it after a while. "IT officials have asked us to send the list of people who get the hypothecation cancelled," the RTO said.

Purchases of expensive old cars too are probed by the IT department.
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Old 23rd November 2005, 11:13   #2
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The same thing happened way back when the Maruti 1000 was launched here in India. I think this is one right thing to do as it makes things fair for people like me who pay their taxes honestly.
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Old 23rd November 2005, 11:29   #3
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i was very happy to read this article in the TOI today
we always envy those who own such cars , but sometimes ti from illegal money,
we honest tax payers get nothing in return.

Next time i see a beauty on the road , i will say tio myself its only a matter of time before TAX UNCLE comes home and laugh.
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Old 23rd November 2005, 12:38   #4
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Quote:
Originally Posted by ajmat
Every month, RTOs prepare a statement of the people buying vehicles worth over Rs 1 lakh and send it to the IT department.
That should read 10L , right ?
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Old 23rd November 2005, 12:50   #5
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It's a good system they have started. They should stick to it and start it in other major companies like Mumbai.
It is really irritating seeing people get away without paying tax. If one does business, they should do it honestly like we have always done.
BTW,
I am sure some people who can buy expensive cars do pay their tax like us.
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Old 23rd November 2005, 13:28   #6
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Wonder if they do the same in Delhi. If not...its high time!

Welcome move!
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Old 23rd November 2005, 14:17   #7
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Quote:
Originally Posted by lamborghini
They should stick to it and start it in other major companies like Mumbai.
Quote:
Originally Posted by Aroongupta
Wonder if they do the same in Delhi. If not...its high time!
The second line of the post says "RTOs across the country". So they'll do it in all cities now...

Last edited by cnu : 23rd November 2005 at 14:19.
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Old 23rd November 2005, 14:41   #8
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One Haryana RTO will be good enough - Lohan = hr 18 or is it
HR 51 !!!


BTW - good opportunity to pick up a good second hand car in the coming months as the "usual" buyers will be running scared

Last edited by ajmat : 23rd November 2005 at 14:47.
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Old 23rd November 2005, 18:05   #9
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Kya farak padtha hai? Those who have been evading taxes all along will continue to do so - its just that a few more pockets in the IT dept will now have to be lined. I mean - how dare you buy expensive cars without tipping us first???

We were discussing this in Bangalore the other day and my friend who had just bought an Octavia said "oh let them come home - they will find out what my family has known so long, which is that I dont have the money and ICICI bank does. I probably own a couple of wheels on that car...."
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Old 23rd November 2005, 23:41   #10
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HR 51 is Faridabad....!!!

KP
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Old 23rd November 2005, 23:55   #11
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Quote:
Originally Posted by shuvc
That should read 10L , right ?
Shuvc dont tense. I guess its 10lac. hehe
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Old 24th November 2005, 08:45   #12
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Quote:
Originally Posted by kpzen
HR 51 is Faridabad....!!!

KP
Ok - then it is HR 18 which seems to have quite a few Ferrari's, Lambo's registered there
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Old 24th November 2005, 10:04   #13
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guys one small point to be made here:

not all people who own big cars are tax evaders, i know many people who pay their taxes right and have enough cash to pick up an maybach but instead pick up an skoda or max a merc.just coz they dont wanna be tagged off as an "tax evader" or an "show off"

btw: the it guys even checking up on the credit card purchases,
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Old 24th November 2005, 10:12   #14
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check the first line out...

Planning to buy a Mercedes or Nissan X-Trail or Skoda Octavia?

a skoda , nissan and merc in the same sentence......hahah the price diff. being 10 lac for merc, nissan 23 lac and merc 28 lac onwards....surely thay have a missed quite a fwe cars here.....
and finally nissan x trail is getting the publicity it need from the times of india !!!!!!!
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Old 24th November 2005, 22:59   #15
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bah, humbug...there are tens of thousands of imported cars running around, be it beemers, vws, or hondas. if the IT dept. raids each and every guy's home, there would be a slew of IT officers standing in queue at the unemployment agency....

the IT dept. has been tracking info for a long time now, perhaps since forever, nothing new about it. all this publicity is occuring just because of a few high-profile cases, which is causing ripples in the media. if you look at all the recent raids carefully, you shall see that the culprits are either media-savvy celebrities, or high-class party-goers, or EXTREME tax evaders (who the heck imports a lambo in his right mind without paying duties..?? ) .....

but .... what about those auto-nuts (like us) out there, who pays almost every penny in his pocket to buy his dream car..? the guy's income to expenditure ratio won't tally....does that mean that the poor fella has to live in fear of IT for eternity..??
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