Income Tax Raid articles

Income Tax RAID – understanding Survey Vs. Search

Often termed as Raid by laymen, income tax survey and search are becoming increasingly common as businesses continue to grow. Apparently, there is no word called raid in the Income Tax Act. The two important tools which the department uses are survey and search and when one or both of these two operations get initiated, people term it as ...

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Search and Seizure (Raid) by Income Tax Department Part II- After raid

Following Steps will ease to handle raid : 1. PAN can be migrated to Central Circle thus making common place for all files at same common place where assessment under raid can be done. Order U/S 127 of IT Act is passed by CIT for PAN migration. Assessee are intimated by mail. 2. Assessment under […]...

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Search & Seizure (Raid) by Income Tax Department Part I- During raid

Search and Seizure  (raid)  by Income Tax Department Part I – During raid  People are afraid of ‘Income Tax Search and Seizure’ due to lack of proper knowledge and complicated law. Knowing the following will ease them. One should not worry if they are genuine. What is ‘Income Tax Raid’ ?  It  means a search [&he...

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Happy Diwali with crackers of Income Tax

Arjuna: Krishna, Which may be biggest cracker if we correlated with the Income Tax Provision? Krishna: Arjuna, listen gladly, the salesmen in the market sells different types of crackers likewise there are various provisions in various laws. Accordingly in Income tax the biggest cracker is the cracker that explodes in 6 different ways, w...

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Income Tax raid- What to do?

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 availab...

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July 2020