The search and survey operation of income tax audit companies in India is popularly known as raid. It is an extremely worse position for businessman or an individual to face operation raid. People have a great fear of paying penalties and heavy tax if caught guilty. Even an honest person suffers from mental harassment during the raid for not getting something wrong in accounts by mistake. The search and survey operations are less fearful than search and seized operations perform by best audit firms in India. The fact is that former operation can lead to the latter one.
The raid team includes officers, chartered accountants, auditors, helpers, etc. that help to carry out the complete process of raid. The process involves in accomplishing an income tax raid are:
Survey: It is considered less grueling than search & seized process. A team of income tax chartered accountants perform survey under section 133A. The process of survey emphasizes only collecting data which is used to decide on the next step to be taken by audit agencies. In this process, the auditing team is not allowed to expropriate any object or asset such as gold, cash, jewelry, gadgets, search your residential premises and taking a statement on oath, etc.
If a panel of audit companies in India found anything suspicious and faulty in your statement, facts and figures than they have right to proceed for the next step of search and seized with proper legal formalities.
Search and Seizure Procedure: A team of officers from the income tax department usually start the procedure of search and seizure in the morning. The search team will show up the search warrant first to initiate the search procedure without objection raised by assesses. The raid function involves checking of all official premises of assesses and their business partner. The officers performing accounting audit services have full right to check your all residential premises available in India. The complete raid can last up to two to three days and sometimes takes more time as required. If raid performing officers need they can also check the personal and professional premises of people belongs to assessed such as relative and close friends and whoever found suspicious. The condition is that the auditing team should have a separate warrant for each and every suspect.
The searching team starts mining evidence by check and taking records of all the assets such as gold, silver, jewelry, cash, property and all movable and immovable things along with available documented papers found in the premises. Apart from checking assets and documents the raiding team also record statements of visitors, staff and other persons seem relating to an assesses.
Income tax auditing accounting firms include a team of qualified professionals and security officers to encounter any hurdle raised by assesses. The tax law firms have years of experience in contracting and performing raids. They do everything on legal grounds to prevent defaulters to escape. To escape income tax raids businesses and individuals should maintain their accounts and account books with the help of ca firms in Delhi.