SHORT ANSWER:
Yes, the Income Tax Department can seize property under certain conditions.
DETAILS:
- The Income Tax Department can seize property if there is a failure to pay due taxes.
- Seizure can occur during a search or survey operation if undisclosed income or assets are found.
- The property can include bank accounts, movable and immovable assets.
PUNISHMENT / IMPLICATIONS (if applicable):
- Failure to pay taxes can lead to penalties and interest on the owed amount.
- Legal action may be taken against the taxpayer.
SOURCE:
- Income Tax Act, 1961
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