What happens to the property and money confiscated when income tax raiders go on raids?

Many photos are becoming viral on social media, in which it is seen that a lot of money has been confiscated in the Income Tax raid. Such pictures often come, in which it is shown that a lot of money, gold, etc. have been found in the income tax raid. In Income Tax Raid, officers raid and investigate fake properties. You must have also seen in the movies that what happens when Income Tax officials hit Raid?

But, today we tell you that when in reality the Income Tax Officers go somewhere for checking, then how do they take action. Also know how money is confiscated and then what to do with the confiscated money?

How is the search operation done?

 An officer, retired from the Income Tax Department, a resident of Jaipur, Rajasthan, told on the basis of his experience that first it is decided who is suspicious and who has to go to raid. After this a search warrant is issued under the leadership of a senior officer. Then a search team is formed.

They told,

The search team is not told where to go and the identity of the next person is kept secret. At the same time, the whereabouts are not told to avoid any information being leaked. Then later further information is given through a sealed envelope.

How is the operation actually done?

There are different numbers in the search team. Then the team comes and gives a search warrant. After this, where the search operation continues, no one is allowed to leave the premises. Nor can those persons use the phone etc. and are not able to talk to any outsider. By the way, officers can take other decisions according to the situation on the spot. If a person has to go to the washroom also, then it is necessary to take the permission of the Income Tax Officer. Sometimes the search operation goes on for a long time, so the kitchen can also be used for food and drink.

How are goods confiscated?

 There are also many rules for confiscation of goods from the person where the raid is done. In checking the computer etc., they take the hard disk of the system with them and confiscate the hair, jewellery. Then the goods which are confiscated, their information is also given to the next party and then they are verified. Statements are also recorded after the search operation. Apart from this, if a business establishment is raided, then the goods kept for sale are not confiscated.

What does the Income Tax Department do with the seized money?

 If we talk about the confiscated property, then the Income Tax department first deposit that money in the bank. In these accounts linked to the commissioner are also included. After this, the entire property income etc. is checked and after that the tax is calculated, which also includes penalty etc. Then the tax demand is calculated and set again in the tribunal and the balance payment is refunded.

Disclaimer:- The working of the Income Tax Department is not normal every time. It is not necessary that every time the same action is taken. The information given in this report is the experience of any one officer. The procedure of the department is also different. Might be possible.

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