Income Tax : Discover the latest Amendments relating to Survey under section 133A of Income Tax Act. Get guidance on relevant sections such as ...
Income Tax : The Finance Act 2021 brought a new re-assessment procedure in respect of an income which has escaped assessment and also in survey...
Income Tax : Q1. Whether notice is required to be issued to the assessee before initiating survey? No, the section does not require prior noti...
Income Tax : Our Income Tax law allows all persons to self-assess their income and pay taxes. However, to protect the revenue base, unearth con...
Income Tax : Explore the legality of converting Income Tax surveys (Section 133A) into full-fledged Search & Seizure actions (Section 132) unde...
Income Tax : During the course of the survey operation, evidences of tax evasion have been gathered regarding wrongful claims of deduction u/s ...
Income Tax : Ministry of Finance TDS Surveys by Income Tax Department unearths huge defaults in deduction and deposit Posted On: 04 MAR 2020 In...
Income Tax : Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Pro...
Income Tax : The crucial survey operations conducted by the Income Tax department to detect tax evasion have been severely hit due to a long dr...
Income Tax : In a first of its kind action in the state, the Income Tax department has conducted surveys in small districts and unearthed tax ...
Income Tax : Income declared in survey is to be taxed and it has to fall under one of the heads of income, i.e., business income and, therefore...
Income Tax : The issue under consideration is whether the AO is correct in levying penalty u/s 271C of the Act for non-deduction of tax at sour...
Income Tax : whether CIT(A) is justified in quashing the action of the AO u/s 154 of the Act in applying provision of section 115BBE of the IT ...
Income Tax : Nirmala Devi Vs ITO (ITAT Delhi) In the given case, the Investigation Directorate, Ahmedabad carried out survey u/s 133(A) to exam...
Income Tax : Gifts are normally made by relatives out of natural love and affection and do not necessarily require any particular occasion. Ass...
Income Tax : Now AO can also do survey u/s 133A of the Income Tax with the prior approval of concerned Principal CCIT/ DG F.No. 282/15/2022-IT ...
Income Tax : Any verification or survey u/s 133A of the Act by the TDS charges shall be conducted by its officers. Where the TDS charge is head...
Income Tax : Order under section 119 of the Income-tax Act, 1961 for exercising power of survey u/s 133A of the Income-tax Act, 1961 and in pur...
Income Tax : Any coercive or intrusive action for recovery of tax demands should be taken only after exhausting alternative means of recovery a...
Income Tax : Instances have come to the notice of CBDT where despite detection of considerable unaccounted cash and other valuables during the ...
Discover the latest Amendments relating to Survey under section 133A of Income Tax Act. Get guidance on relevant sections such as section 133A, 147,148,148A,148B,149,149A,151,153 and 79A of the Income Tax Act.
Now AO can also do survey u/s 133A of the Income Tax with the prior approval of concerned Principal CCIT/ DG F.No. 282/15/2022-IT (Inv.V)/267 Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) **** Civic Centre, New Delhi- 110002 Dated 22nd Nov, 2022 ORDER Subject: Order under section 119 of […]
During the course of the survey operation, evidences of tax evasion have been gathered regarding wrongful claims of deduction u/s 80JJAA of Income-tax Act, 1961. The investigations further revealed, that, even though the emoluments of new employees added were more than Rs. 25,000 per month, the assessee has been wrongfully claiming deduction u/s 80JJAA by excluding certain components of emoluments of such employees to fit into the eligible emoluments limit of Rs. 25,000 per month.
The Finance Act 2021 brought a new re-assessment procedure in respect of an income which has escaped assessment and also in survey, search and seizure cases. In this brief write up I will confine myself only to the impact of new provisions on cases where survey U/S 133A is conducted after 01/04/2021. The Explanatory Memorandum […]
Income declared in survey is to be taxed and it has to fall under one of the heads of income, i.e., business income and, therefore, is available for set-off against the business loss.
Any verification or survey u/s 133A of the Act by the TDS charges shall be conducted by its officers. Where the TDS charge is headed by the Pr.CCIT of the region /CCIT (TDS) / jurisdictional CCIT of TDS charge, the verification or survey action shall be approved by the Pr. CCIT of the region / CCIT (TDS) / jurisdictional CCIT of TDS charges, as the case may be and shall be conducted by the officers of the TDS charge.
Q1. Whether notice is required to be issued to the assessee before initiating survey? No, the section does not require prior notice of the survey to be given to the affected person – N.K. Mohnot v. Dy. CIT [1995] 215 ITR 275/83 Taxman 238 (Mad.). Q2. Which are the authorities empowered to conduct a survey? Section 133A of the Income-tax Act, 1961 empowers the following income-tax authorities to conduct a survey:— (a) Commissioner of Income-tax, (b) Joint Commissioner of Income-tax,
Order under section 119 of the Income-tax Act, 1961 for exercising power of survey u/s 133A of the Income-tax Act, 1961 and in pursuance of The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 Regarding
Any coercive or intrusive action for recovery of tax demands should be taken only after exhausting alternative means of recovery as mentioned in Para 2((i) of Board’s letter F.No. 275/29/2020-(IT(B) dated 21st September, 2020.
Instances have come to the notice of CBDT where despite detection of considerable unaccounted cash and other valuables during the course of survey under section 133A of the Income Tax Act, 1961, Investigation Directorate concerned was not informed to consider appropriate action as per the provisions of section 132 of the Act.
