What are search cases?
Search operations are exploratory exercises on the basis of information with the income tax department to find hidden income and wealth in cases of tax payers, who have not disclosed their true financial state of affairs in discharge of their tax obligations.
What is a search case in income tax?
The aforesaid rule was introduced with a view to reduce infructuous and unnecessary proceedings under the Income Tax Act, 1961 in cases where a search is conducted u/s 132 or requisition made u/s 132A and cash or other assets are seized during the election period, generally on a single warrant, and no evidence is …
What happens when income tax raid?
During IT raids, authorized officials can enter and search any premises, be it home, office or any other place connected to the individual or entity where they believe documents representing undisclosed income or undisclosed valuables are kept. They have the authority to break open any locks if keys are not available.
Who is the Authorised officer for search and seizure?
In such cases the Joint Commissioner may authorise, in writing, any other officer to cause inspection, search and seizure. However, in case of arrests the same can be carried out only where the person is accused of offences specified for this purpose and the tax amount involved is more than specified limit.
What is an illegal search?
An unreasonable search and seizure is a search and seizure by a law enforcement officer without a search warrant and without probable cause to believe that evidence of a crime is present.
What is assessee and person?
An assessee is a person who pays a certain amount to the government as tax in a financial year. This is as per the Income Tax Act of 1961. It contains every individual who has been assessed for his income, the income of another person, or the profit and loss he has sustained.
What are the exempted income?
For self-employed or non-salary account holders, there are certain incomes categorized under exempt income. They include dividends, agricultural income, interest on funds, capital gains which has to be disclosed under Schedule EI while filing income tax as per ITR-1.
What is the salary of an income tax officer?
SSC CGL Post-wise Salary 2021: Income Tax Inspector Salary
INR 15,600-39,100 + Grade Pay of INR 6,600.
What is the penalty for undisclosed income?
If undisclosed income is admitted during the course of Search and assessee pays tax and interest and files return, a penalty @ 30% of such undisclosed income is payable. In all other cases, penalty is leviable @ 60%
How long can an income tax raid last?
Any income tax raid can only commence at sunrise and must end at sunset. Any income tax raid can last only for a maximum of 48 hours. The assessee can exercise his or her right to inspect the search warrant as well as confirm the identity of the authorised income tax officer present.
Which is the biggest income tax raid in India?
Raj Kumar Gupta’s Raid is based on a real Income Tax raid conducted on Kanpur businessman Sardar Inder Singh. It is considered the longest Income Tax raid in India. Within hours of starting the raids, the officers had unearthed unaccounted money, jewellery and gold worth well over Rs 1 crore.
Are not treated as agricultural income?
Is Agricultural Income Taxable? By default, agricultural income is exempted from taxation and not included under total income. The Central Government can’t impose or levy tax on agricultural income. The exemption clause is mentioned under Section 10 (1) of the Income Tax Act of India.
What is Section 132 4 of income tax?
Section 132(4) of the act empowers the Authorized Officer, to examine and record a statement under oath of any person who is found to be in possession or control of any books of account, documents, money, bullion, jewellery or other valuable article or thing and any statement made by such person during such examination …