What is the difference between Income Tax Raid and Income Tax Survey, know everything about it
Generally the Income Tax Department may visit your place of business for the following purposes:
Survey
Search & Seizure (Raids) SEARCH & SEIZURE (RAID)
Are IT Survey and IT Raid the same thing?
no survey (survey) and raids (Raid) are different. But whenever there is a survey, people often call it a raid, which is completely wrong.
Survey
-This 133A I.T. Act (Sec. 133A of I.T. Act).
It can be done only at the place of business or profession. This cannot happen at the residential place unless the documents are kept at the residential place.
-This can only happen during working hours on working days. It can continue even after working hours.
There is no power to seize the officer.
Personal search of a person cannot be done.
– Help of police officers cannot be taken
Search & Seizure (Raids) SEARCH & SEIZURE (RAID)
It has been defined under section 132 of I.T. (Sec 132 of I.T. Act).
It may be in any building or place under the jurisdiction of the concerned officer.
This can happen any day after the sun rise and can continue till the process is completed.
Entire place can be searched, locks can be opened to find undeclared property.
The officer has the power to confiscate.
-Each person in the premises can be searched individually.
– Help of police officers can be taken.
What is ‘Income Tax Survey’? What is ‘Income Tax Survey’ ?
As discussed above, Income Tax Survey means inspection of documents and verification of cash and inventory by authorized Income Tax Officers at your place of business or profession.
What is ‘Income Tax Raid’? What is ‘Income Tax Raid’ ?
Income Tax Search and Seizure (commonly known as RAID) is a search operation carried out by authorized Income Tax Officers at the building or location of the person concerned. This is done when there is strong information or any strong evidence about any undeclared property in the possession of the person concerned or anything suspicious about it. If the Income Tax Officer finds any undeclared property during the search, he has the power to confiscate the same.