Section 133 (6) income tax act: Section 133 ( 6

Section 133 ( 6 ) Of Income Tax Act : Time Limit, Case Laws, Penalty And How To Respond To Notices Income tax department takes tax filings very seriously. It is known to take strict and prompt action against any wrongdoers; in just the month of July 2023, the department issued 1 lakh+ notices to taxpayers suspected of underreporting or misreporting their income in their tax filings. Under Section 133 ( 6 ) of the Income Tax Act , notices may be sent to any taxpayer who filed suspicious income tax ... What Is Section 133 ( 6 ) of the Income Tax Act ? Section 133 ( 6 ) gives tax officers a superpower to ask for information from anyone-individuals, banks, employers, or third parties-if they think it’s needed for checking taxes or doing an investigation. Section 133 ( 6 ) of the Income Tax Act empowers the Income Tax Department (ITD) to request detailed information from individuals, businesses, and even third parties to verify tax compliance. Notices under this section are typically issued when there are discrepancies in income reporting, unexplained transactions, or incomplete financial records. Banks and financial institutions often receive such requests for account opening forms and statements, which the department cross-verifies against ... Explore Section 133 ( 6 ) of Income Tax Act , which empowers tax authorities to request information for tax inquiries. Know its scope, amendments, and importance.