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
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.
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.
Recent Topics
- Trade payables
- Kickassanime22
- NSDL DEMAT-annual custody fees
- Claiming Rent Expenses Invoiced Late Due to Vendor
- Discount and Outward freight on Sale GST RCM
- Income from debt mutual funds in ITR4
- Gold ETF STCG and LTCG
- Property capital gain, Bought in 2002 and sold in
- TDS Implication on Expensing Off Unrecovered Invoi
- Where can i Declare landlord share in GSTR-1
Related Threads
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
