Tuesday, September 15, 2009

Realty firm HDIL to pay tax on extra income

Realty firm Housing Development and Infrastructure Ltd (HDIL) Monday denied having evaded taxes but said it would pay tax on additional income of Rs.350 crore following raids by the income-tax department last week.

Income-tax department officials had conducted raids on HDIL office premises and promoters' residences Sep 11-12.

"During the course of the raid, HDIL has agreed to offer approximately Rs.350 crore as income to be booked in remaining quarters of financial year 2009-10," the company said in a regulatory statement.

Income of Rs.350 crore as calculated by income-tax department are based on initial entries in books of accounts mostly relating to the current financial year, the statement said.

"There is no undisclosed income, tax evasion, levy of penalty for any previous years or current year as reported, and there will not be any substantial change to tax liability or revision in income booked of earlier accounting years," the company said.
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