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Powers of Tax Authorities During a Raid
1. Enter and search any building or place if they believe hidden income, such as money, valuable items, or important documents, might be there.
2. Break locks if keys are not available.
3. Search a person if they suspect the person is hiding items related to undisclosed income.
4. Seize items like money, valuables, and important documents found during the search.
5. Mark and take copies of books, accounts, and other documents.
6. List and note down valuable items found during the search.
The assets that the tax officers can seize:
1. Undeclared cash and jewelry.
2. Books of accounts, diaries, and financial documents.
3. Computer chips and other data storage devices.
4. Property documents and deeds.
The assets that the tax officers cannot seize:
1. Business stock-in-trade (except cash).
2. Assets or cash already declared to the Income Tax and Wealth Tax Department.
3. Assets recorded in official books of account.
4. Cash with proper explanation.
5. Jewelry declared in a wealth tax return.
6. Gold up to 500 grams for each married woman, 250 grams for each unmarried woman, and 100 grams per male family member.
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#taxraid #taxauthority #assetseizure #incometax #undisclosedincome #taxsearch #taxlaws #financialregulations #incometaxraid #taxcompliance #taxofficers #wealthtax #casakchijain | Posted on 31/May/2024 20:41:23
