Go AD-Free with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

INCOME TAX RAID PROCEDURE

Mukesh Karyani (As a article assistant) (28 Points)

16 March 2018

What are the tax implication if raids are conducted plz me answer in layman language

Reply
Follow
Share

1 Replies

Anshu Phogat (CHARTERED ACCOUNTANT) (30 Points)
Replied 16 March 2018

in consequence of raid conducted us 132, 1. you will receive a notice U/s 153A requiring to file the returns of 6 years immediately preceeding the year in which the search was started.
2. your income of these 6years will be assessed and new tax liability will be determined on completion of assessment made u/s 153A.
3. whatever the money and other valuable assets were seized during the raid will be utilized to recover the existing tax liability and new liability determined u/s 153A.