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The Income Tax Department of India (ITD) is the apex executive agency responsible for the collection of direct taxes. It functions under the Department of Revenue of the Ministry of Finance and is headed by the Central Board of Direct Taxes (CBDT). The primary function of ITD is to collect income tax and enforce various direct tax laws such as Benami Transactions (Prohibition Act) Act, 1988 and the Black Money Act, 2015.
Combating tax avoidance and tax evasion is one of the key practices conducted by the ITD on a regular basis. The official search operation undertaken by the ITD is termed as an income tax raid. An income tax raid is the most effective method to curb and seize illegal wealth/black money hoarded by an individual or company.
The purpose of an income tax raid is to seize and curb illegal wealth/black money. Black money or unaccounted money refers to illegal income on which taxes have not been paid. It also includes income hoarded illegally or concealed from tax authorities. Therefore, it is important that one does not accumulate any amount of black money. If you possess black money, the chances of an income tax raid are quite high at your residence/office.
An income tax raid is generally conducted by a team of income tax officers accompanied by the police. The officers are bestowed with the following powers:
The following assets cannot be seized by the income tax officials:
An individual has the following duties during an income tax raid:
An individual has the following duties after an income tax raid:
An individual can lawfully avoid an income tax raid by being compliant with the income tax authorities/responding to the summons and notices sent by the ITD.
Is e-Verification of ITR mandatory?
After the Income Tax Returns have been filed, the e-verification process is mandatory for the IT Department to start processing your returns.
How do I link my Aadhaar Card with ITR?
Follow the below steps to link your Aadhaar Card number with ITR:
Can I e-verify my income tax returns with Aadhaar Card without having linked my Aadhaar Card number with ITR?
No. If you haven’t linked your Aadhaar Card number to PAN Card, you will have to do that first before being able to e-verify your returns with your Aadhaar Card number.
My OTP has been generated on my mobile number while I was linking my Aadhaar Card with e-verification of PAN. But the OTP did not work. Why did that happen?
There may be two reasons why the OTP did not work:
Can income tax returns be verified online and offline?
Income Tax Returns can be verified either online or offline. ITR filed online cannot be verified offline.
What are the options for e-Verification of ITR?
E-verification of Income Tax Returns can be done through any one of these three ways:
Income Declaration Scheme
Income from House Property
Income from Other Sources
Income Tax Calculator
Income Tax Department
Income Tax Features
Income Tax for Pensioners
Income Tax for Senior Citizens
Income Tax Refund
Income Tax Return
Income Tax Slab
How to pay Income Tax online
Payment of Tax through Credit Cards
E-Filing of Income Tax Returns