Knowledge Base @ Tax Management

Specific Surveys U/s 133A(1) of Income Tax Act.

For the purpose of conducting survey under section 133A(1) of the Income-tax Act, an income tax authority, having jurisdiction over the case, can enter during business hours, the place where the business or profession of the concerned person or entity is carried on. The income tax authority conducting such a survey has the following powers:

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Surveys for Enforcing Compliance with Provisions of TDS

Collection of tax by way of TDS is very important for the Income Tax Department as a significant part of the tax revenue is collected in this manner. However, persons! authorities liable to deduct tax often default as either they are unaware of the provisions of the law in this regard or are simply reluctant to take on this onerous responsibility.

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Surveys for Checking Ostentatious Expenditure

This type of survey is undertaken for the specific purpose of making enquiries about ostentatious expenditure on occasions such as marriages, festivals, social gatherings, inaugurations, and events like launching of a new product, service, etc

 

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What is a Search Under Income Tax Act. ?

The power to search is the most drastic and potent power available to the income tax authorities, which is embodied in section 132 of the Income Tax Act, 1961. It entails entering the premises of the person or group of persons being searched, and carrying out a physical search of the place for unearthing evidence of tax evasion

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How is a Search Operation Conducted by Income Tax Department ?

A search operation under the Income Tax Act is undertaken in the case of a person or a group of persons believed to be indulging in tax evasion. The provisions relating to search and seizure are contained in section 132 of the Income Tax Act, 1961.

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Difference Between a "Search" and a "Survey" under Income Tax Department

When a team of income tax officials is deputed to visit a place for “on the spot” verification, in common parlance it is known as a raid. Technically, it could either be a “search and seizure” operation or a “survey” operation.

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Sec. 143(3) : Scrutiny Assessments by Income Tax Department

Scrutiny assessment refers to the examination of a return of income by giving an opportunity to the assessee to substantiate the income declared and the expenses, deductions, losses, exemptions, etc. claimed in the return with the help of evidence.

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Procedure for Scrutiny Assessment by Income Tax Department

In cases selected for scrutiny, the assessing officer serves a notice under section 143(2)(ii) of the Income Tax Act, within six months from the end of the financial year in which the return was filed.

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“Penalties” Under Income Tax Act. 1956

Penalties by way of monetary payments are charged under the Income Tax Act for various defaults relating to payment of taxes, maintenance of accounts, for noncompliance and non co-operation during proceedings, for evasion of tax, etc. Broadly, these can be grouped as under:

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Prosecution Under Income Tax Act. 1956

There are various offences for which prosecution is prescribed under the Income Tax Act. However, here I will only discuss the offences relating to evasion of taxes.

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