Tuesday, June 27, 2017

Income Tax Survey Can Be Converted Into Search ? 

As per prediction of NEWS CLUB, there is good flood of Income-tax Searches and Surveys in this month of September, 2016 to support the Income Declaration Scheme, 2016. Now, the issue of hot discussion is whether Income Tax Survey Can Be Converted Into Search ?

Generally for getting surrender during Income Tax survey,  a threat  of ‘Conversion of survey in to Search’ is usually given to terrorize the tax payer because Income Tax Survey can be converted into search but conversion of survey into search is not so easy as it appears. In fact, in very rare cases and special cases, survey is permitted to convert into search. In this respect, we would like draw reader’s  attention towards an Instruction of CBDT (Central Board Of Direct Taxes No.  F.No.414/16/2014-IT(INV.I) dated 30.09.2014 .

As per this Instruction, if cash and valuable items of Rs.15 Lacs and more is found in 8 big cities including Pune and Hyderabad and Rs. 10 Lacs and more is found in other places, action for conversion in to search should be initiated compulsorily. Due to this compulsion, cash and valuable items of Rs. 10 Lacs / 15 Lacs or more is never shown / declared during the survey proceeding which may be beneficial to a tax payer. In these circumstances, substituted surrender is obtained in place of cash which again may be beneficial / good opportunity for a  Tax Payer and Income-tax Authorities (for en-cashing  the opportunity)

For details of the Instruction, readers may read complete contents of  CBDT Instruction No.  F.No.414/16/2014-IT(INV.I)  dated 30.09.2014 here under with this report .

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