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Income-tax authorities for the purposes of section 133A of the Act 1. Section 133A of the Act enables an income-tax authority to enter any place of business or profession or charitable activity within his jurisdiction to verify the books of account or other documents, cash, stock or other valuabl
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FAQ :
Section 133A allows income-tax authorities to enter any place of business, profession, or charitable activity within their jurisdiction to examine books of account, documents, cash, stock, or other valuable items relevant to proceedings under the Act.
Through the Taxation and Other Laws (Amendment and Relaxation of Certain Provisions) Act, 2020, the Explanation was changed to state that only income-tax authorities subordinate to specific high-ranking officials like the Principal Director General of Income-tax (Investigation) or Chief Commissioner of Income-tax (TDS) could be considered for the purposes of Section 133A.
Budget 2022 proposes to amend the Explanation to Section 133A to state that an income tax authority shall be subordinate to Principal Director General or Director General or Principal Chief Commissioner or Chief Commissioner, as specified by the Board.
This amendment is proposed to take effect from April 1, 2022.
The Board will specify the Principal Director General, Director General, Principal Chief Commissioner, or Chief Commissioner to whom the income tax authority must be subordinate.
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