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Tax rate under SURVEY

vaibhav (M.Com. CA ) (178 Points)

28 March 2010

HI friends

kindly let me know the Tax implication under survey proceeding.ie..

1 rate of tax ?

2 block assessment is done?

3 differece from search ?

thanks

vaibhav

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2 Replies

Amir (Learner) (4016 Points)
Replied 28 March 2010

Dear Vaibhav,

Survey proceedings as its name suggest is done just to get the thick of information and no assessment is done under survery.

As far as search proceedings goes - It is done on the basis of concrete information & assessment will be done in this case for 6 Assessment years.

The relation between survey & search are -

1) Survey may end up in getting search done based on the information collected during survey proceedings and then followed by assessments for 6 years.

2) Another case would be If assessee dont cooperate with the survey team then this can considered as one of the ground to conduct search and rest same as search proceedings.

But its important to see that Survery is not in anyway a pre-requisite to conduct search.

Rate of tax will be as applicable for each assessment year & no special rate is applied in case of assessment under search.

The concept of Block assessment in case of search was abolished long back, so at present no such thing is there.