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The term "Raid in Indian Taxes Law" is incredulous and any unexpected encounter with IT sleuths generally contributes to chaos and vacuity. If you would experience such action it is best to familiarise with the subject, so that, the situation can be faced with confidence and serenity. Income tax Raid is conducted with the sole objective to unearth tax avoidance. It's the process which authorizes IT department discover any residential / business premises, vehicles and bank lockers etc. and seize the accounts, stocks and valuables.
B) Interest earned, but not paid, during a bond year, must be accrued following the bond year and reported as taxable income for your calendar year in which your bond year ends.
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It has been instructed by CBDT vide letter dated 10.03.2003 even though recording statement during that will help of search and seizures and survey operations, no attempt should be made to obtain confession so as to the undisclosed income. It has been advised that ought to be be focus and focus on collection of evidence for undisclosed livelihood.
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So using your working income, the federal government taxes takes your 'income tax' you spend according to a taxable income applied to the tax brackets as well as gets 18.3% of your working income too.
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