Income Tax
Income TaxWhat is Income Tax Raid?
An Income Tax Raid under section 132 of the Income Tax Act, 1961, is a legal action aimed at curbing tax evasion and black money by searching premises and seizing undisclosed assets. It operates under the Department of Revenue of the Ministry of Finance. Additionally, it is headed by the Central Board of Direct Taxes (CBDT).
Further, the income tax raid is conducted by a team of income tax officers accompanied by the police officers. The officers have the following powers:
- Search and seizure.
- Break safes, bank lockers, and other systems.
- Seize all illegal and unaccounted money and assets.
- Personal investigation of an individual who is accused.
- Create an inventory of valuables found during the raid.
Related Glossary
Explore key terms and definitions related to this topic to deepen your understanding.
Income Tax Act
Income Tax ActIncome Tax Appellate Tribunal
Income Tax Appellate TribunalIncome Tax Deduction
Income Tax DeductionIncome Tax Department
Income Tax DepartmentIncome Tax Rebate
Income Tax RebateIncome Tax Refund
Income Tax RefundIncome Tax Return
Income Tax ReturnIndexation
Indexation