Income Tax : Article explains how surrendered income is treated under I.T Act, particularly focusing on applicability of Sections 68 to 69D and...
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 : Join a free webinar on Jan 11, 2025, to learn about surveys under the Income Tax Act, 1961. Gain insights on taxpayer rights, obli...
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 : ITAT Indore partly allows Saaras Agro’s appeal, ruling on Section 69 and 115BBE additions. Key judicial precedents and CBDT circ...
Income Tax : ITAT Mumbai held survey statements cannot solely justify income addition without corroborative evidence. Case: DCIT Vs Ahinsa Infr...
Income Tax : ITAT Kolkata confirms statements recorded during surveys under Section 133A cannot justify additions without corroborating evidenc...
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 : 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 ...
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 Act on undisclosed investment surrendered during the course of survey proceedings?
Nirmala Devi Vs ITO (ITAT Delhi) In the given case, the Investigation Directorate, Ahmedabad carried out survey u/s 133(A) to examine the misuse of Client Code Modification for tax evasion. The client code of the assessee was SS 493 & as per the Assessing Officer the error by the operator could be in the form […]
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 raid.
Survey in a wider sense means to scrutinize or to inspect. The power of survey under the Income tax Act has been provided U/S 133A and 133B. The provisions contained in section 133A are independent and to the exclusion of the other provisions of the act since the wording of the section starts with ‘Notwithstanding anything contained in any other provisions of the act .
Ministry of Finance TDS Surveys by Income Tax Department unearths huge defaults in deduction and deposit Posted On: 04 MAR 2020 In a major breakthrough, the Tax Deducted at Source (TDS) wing of the Income Tax Department has unearthed default of TDS of Rs 324 crore in the case of a major Telecom Operator in […]
Budget 2020– Under the existing provisions of section 133A of the Act, an income-tax authority as defined therein is empowered to conduct survey at the business premises of the assessee under his jurisdiction. To prevent the possible misuse of such powers, vide Finance Act 2003, a proviso to sub-section (6) in the said section was […]
Krishna, on 26th January, India celebrates its Republic Day. Over the past few months GST and Income Tax departments have been sending notices to the taxpayers to increase the collection of Revenue. Please tell what are the weapons that department is using to take the Taxpayer’s parade?
115BBE. Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D.—(1) Where the total income of an assessee includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D, the income-tax payable shall be the aggregate of
Gifts are normally made by relatives out of natural love and affection and do not necessarily require any particular occasion. Assessee had discharged his burden by furnishing necessary details before AO. In the absence of anything to show that the transactions were by way of money laundering,
Statement recorded during survey, under section 133A, does not have a evidentiary value on its own and, therefore, no addition was maintainable on the basis of statement recorded during the course of survey as there was no evidence supporting the statement.
