Realty sector’s share in GDP might reach 10%

Visakhapatnam Commissioner of Income Tax (TDS), Vijayawada Saka Ramesh has said that the real estate sector contributed 7 per cent of the GDP, which is likely to increase to 10 per cent.

Visakhapatnam is the 9th richest city in the country and it is developing by leaps and bounds and as such it also has a key role in contributing to development and prosperity. Besides, the real estate sector helps realise the common man’s dream of having a house, he said while speaking as the chief guest at the “Knowledge Session on TDS” organised by the Credai-Visakhapatnam Chapter.

He said that there has been an increase in TDS contribution from the real estate sector. Describing all real estate dealers as collecting machinery, Naresh pointed out that he noticed that TDS revenue has not been commensurate with the expectations. He observed that this might be the result of lack of understanding of various issues connected with TDS.

“We are not here to warn you or blame builders for discrepancies. We want all to realise their responsibilities. Please make use of this meeting to better appreciate various issues connected with TDS,” he said.

Credai-Visakhapatnam Chapter president V Dharmender, who moderated the proceedings, pointed that normally people will have apprehensions about meeting tax people and tend to run away from them, but the strong presence of builders at the present session was an indication that members of Credai-Vizag chapter are willing to learn and comply with the provisions of TDS. Of the 226 chapters at the national level, AP has 20 chapters and Visakhapatnam chapter with nearly 400 members, is very important in the State.

Imtiaz, ITO Eluru, through a presentation on TDS explained various issues connected with the subject. Four steps are most important in TDS viz deduction, payment to the government, filing of returns and issuing Form 16 to the payer. They are time-bound. If these are followed, there will be no need for worry, he said.

Among others, Sankar Pandi, Joint Commissioner, Y Vishunvardhan Reddy, Deputy Commissioner, V Naga Surya Rao, N Renuka Devi and TVR Reddy ITOs attended.

The meeting was followed by a question and answer session and builders including honorary secretary, V Sreenu, CYW Coordinator, B V Sridhar, EC member S Sarath Babu, immediate past chairman Bayana Srinivasa Rao, Credai national joint secretary B Raja Srinivas participated.