Inquiry by prescribed income-tax authority

     With a view to enable prescribed income-tax authority to verify the information in its possession relating to any person, it is proposed to insert a new section 133C in the Act so as to provide that for the purposes of verification of information in its possession relating to any person, prescribed income-tax authority, may, issue a notice to such person requiring him, on or before a date to be therein specified, to furnish information or documents, verified in the manner specified therein which may be useful for, or relevant to, any enquiry or proceeding under this Act.

     This amendment will take effect from 1st October, 2014.

[Clause 46]

Inquiry powers of prescribed income-tax authority expanded to issue verification notices requiring specified documents for tax enquiries. Insertion of section 133C empowers the prescribed income-tax authority to issue notices to any person to furnish information or documents, verified as prescribed, which are useful or relevant to any enquiry or proceeding under the Act; notices must specify a compliance date and the manner of verification.