• search
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Watch out for the taxman: Starting today his powers have increased

By Vicky
|

The tax man just got more powerful. From April 1 onwards the income tax officer has the right to raid anyone with giving any reason. The tax man can also confiscate property which is not subject to the raids as per the new provisions that got legislative approval when Parliament passed the Finance Bill earlier this week.

Here why is the income tax officer will be stronger from tomorrow

The Bill is currently with the President of India and is awaiting his nod. It would be given the assent and the new rules would come into force on April 1 2017. Once the new rules are in force, the taxman will have the right to raid a property ever where a charity event is taking place.

The opposition had raised concerns over the powers being granted to the taxman. Finance Minister Arun Jaitley however said that the new rules would mandate abundant caution before a raid is conducted. The new law would also protect whistle blowers. The survey and search details will be shared only with a court and not the person or entity in question, Jaitley had said.

Under the Income Tax Act of 1961, taxmen had to have reasons to believe that a person had undisclosed assets before a raid was conducted. It also mandated that a raid would be conducted if the person in question was unwilling to disclose his income to the tax department. However as per the new law any property can provisionally be seized during a raid. The earlier rule stated that only property subject to the raid could be seized.

OneIndia News

lok-sabha-home

For Daily Alerts

For Breaking News from Oneindia
Get instant news updates throughout the day.

Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more