Income Tax Raid - Search or Survey | Difference between Income Tax Search & Income Tax Survey
PrintListen to this Article
| SEARCH | SURVEY |
| Search’ means a thorough inspection of the building, place, vehicle, vessel, aircraft and of the person. Seizure’ means taking possession under the authority of law. | Income Tax Survey means inspection of books and verification of cash & inventory in your business or profession place by authorised income tax officers. (General, TDS, Marriages/events, Charitable Institutions) |
| Searches are operated under Section 132 of the I-T Act | Survey are operated under Section 133A of the I-T Act |
| The first and the foremost difference is that in a search operation, any premises of the assessee, i.e. residences, shops, offices or any other place can be entered and searched, | whereas in a survey action, only such places where business or profession is carried on, i.e. shops, offices, factories, godowns, etc. can be entered. The residential premises cannot be entered in a survey operation only if Residence place is also business place |
| In a search action, entry into the premises can be made at any time, | In a search action, entry into the premises can be only during business hours, after sunrise and before sunset |
| Search Warrant must for Search | No Need of Warrant |
| Search Team can Suspend / Pause / again and again search exercise bt have to complete in time specified. | No Such Power in Survey have to complete in one time, cant suspend / pause / again. |
Category : Income Tax | Comments : 0 | Hits : 525
Selling property in India? You're probably worried about the capital gains tax bill that comes with it. Here's some good news—both the old and new tax regimes offer you ways to save big on taxes if you reinvest your sale money in a residential house. Let me break down Section 54F (from the old Income Tax Act 1961) and Section 86 (from the new Income Tax Bill 2025) in simple words, so you can understand which rules apply to you and how to make the most of them. What's the Big...
Income Tax Alert - Here Are 5 High-Value Transactions That May Come Under Scrutiny. Large Cash Deposits: Any cash deposit exceeding Rs 10 lakh in a financial year across savings accounts draws the attention of the income tax department. Even if deposits are spread across multiple accounts, the cumulative amount beyond the threshold triggers scrutiny. Fixed Deposits: Surpassing the Rs 10-lakh limit in fixed deposits within a financial year prompts inquiries regarding the source of f...
Delhi Court Sentences Woman to 6 months Jail for not filing the return of income (ITR) discussed. Accordingly, the accused is held guilty of not filing the return of income for the assessment year 2014-15 under Section 276CC of The Act. Accordingly, the accused is convicted for an offence punishable under Section 276CC of the Act," the court said in the judgement. "The convict is awarded a sentence of simple imprisonment for six months with a fine of Rs 5,000 and in default to unde...
Payments to MSME vendors
Corporates, Non-corporates or government department all are procuring major part of services or goods from the MSMEs. There are provision under the Micro, Small, and Medium Enterprises Development (MSMED) Act, to ensure that businesses make payments to MSMEs within a specified time frame, and failure to which can impact the deduction claims for such payments. To facilitate timely payments to micro, small, and medium enterprises (MSMEs) and address the challenges faced by these businesses in rec...
In the Income tax act, the words “Turnover”, “Gross receipts” and Sales are used at many places. In the common business parlance, the terms sales and turnover are used interchangeably. However, as per Income Tax law, guidelines are available on the question of what constitutes turnover. Understanding the concepts of these words is necessary for the purpose of the tax audit. An audit is mandatory for corporate assessees, irrespective of the amount of turnover. In ...
Comments