Checking avoidance of TDS/ TCS liability in respect of the following payment,/ transactions; 1. Payment for purchase of land under sale deed by project implementing authorities towards compulsory land acquisition for SEZs/public utilities implemented under Fast Track procedure where the implementation is not done directly by state government. 2. Payment of commission by cooperative banks to agents/daily deposit collectors

Our Income Tax law allows all persons to self-assess their income and pay taxes. However, to protect the revenue base, unearth concealed income and to act as a deterrent, tax authorities have been vested with powers to conduct surveys and searches (commonly referred to as ‘raids’). These raids are made the basis of information available by the department’s investigation wing and after obtaining requisite internal approvals.

It is informed that under the Income Tax Act, search and seizure is conducted on the basis of specific and credible information regarding tax evasion, and after conducting necessary verification. Information technology tools, such as CASS and ITDMS, have been developed and are being extensively utilized by the Income Tax department to unobtrusively select cases for scrutiny or verify information before taking intrusive action. In the current year, the number of search warrants executed has declined compared to last year.

The crucial survey operations conducted by the Income Tax department to detect tax evasion have been severely hit due to a long drawn employees agitation in the national capital. I-T employees and officials, except those of the Indian Revenue Service (IRS), have been agitating to press their demands including to review their cadre and promote senior ranks of Income Tax Officers (ITOs) to the rank of Assistant Commissioners.

In a first of its kind action in the state, the Income Tax department has conducted surveys in small districts and unearthed tax evasion to the tune of close to Rs 18 crore. The department recently conducted a special drive and conducted raids at the business premises of firms in Tikamgarh district and found Rs 8 crore of undisclosed income. In another such action in the coal-rich belt of Singrauli district, the department unearthed undue tax evasions worth Rs 9.5 crore.

The next time an Income Tax team raids your business premise they will not seize anything but instead leave the name and contact number of their boss with you. The I-T team will do so even before they begin the raid and the step has been taken to do away with any grievance related to harassment or corruption by I-T officials under the garb of such operations.

The assessee maintained regular books of account following recognized method of accounting. The assessee has shown 10.22% of G.P. for the year under consideration as against 6.78% GP of last year. Search and seizure actions were carried out on 14.6.2006. During the course of survey, a tentative trading account for the period 01.04.2006 to 14.06.2006 was prepared applying GP rate, wherein the closing stock was worked out for Rs. 22,18,23,787/-.The physical stock found on the date of survey was Rs. 21, 91, 56,285/-. The survey party compared the physical stock found with the figures of RG1 register maintained by the assessee. Some discrepancies were noticed as per RG-1 register and physical st

A handicraft, jewellery and carpet export firm here today surrendered an undisclosed income of Rs 7.35 crore for taxation following survey by the Income Tax department, IT sources said.

The survey was carried out to verify whether tax was deducted under the provisions of tax deducted at source (TDS). While examining documents, the department found out that in several cases, companies have defaulted in transferring TDS to the I-T dep

The Income Tax Department, Chandigarh, today carried out surveys on as many as 10 premises belonging to five companies. The entities on which surveys were carried out are Silver Oaks Hospital, Mohali, Atop Fasteners, Meltonics Industries Private Ltd,