Section 133C of Income Tax Act for AY 2023-24

Section 133C of Income Tax Act 1961 amended by Finance Act and Income-tax Rules, 1962. Power to call for information by income-tax authority.

Amended and updated notes on section 133C of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Power to call for information by prescribed income-tax authority.

Chapter XIII (Sections 116 to 138) of the Income Tax Act 1961 deals with the provisions related to Income-tax Authorities. Section 133C of IT Act 1961-2020 provides for Power to call for information by prescribed income-tax authority.

Recently, we have discussed in detail section 133B (Power to collect certain information) of IT Act 1961. Today, we learn the provisions of section 133C of Income-tax Act 1961. The amended provision of section 133C is effective for financial year 2022-23 relevant to the assessment year 2023-24.

In this article, you will learn detail of the provisions of section 133C of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962, regulations, notifications, circulars, orders and Press Release by CBDT, Income Tax Department and the Ministry of Law and Justice, Government of India.

Section-133C: Power to call for information by prescribed income-tax authority

Section 133C(1) of Income Tax Act

The prescribed income-tax authority may, for the purposes of verification of information in its possession relating to any person, issue a notice to such person requiring him, on or before a date to be specified therein, to furnish information or documents verified in the manner specified therein, which may be useful for, or relevant to, any inquiry or proceeding under this Act.

Section 133C(2) of Income Tax Act

Where any information or document has been received in response to a notice issued under sub-section (1), the prescribed income-tax authority may process 6a[and utilise such information and document in accordance with the scheme notified under sub-section (3) or the provisions of section 135A.

Section 133C(3) of Income Tax Act

The Board may make a scheme for centralised issuance of notice and for processing of information or documents and making available the outcome of the processing to the Assessing Officer.

Section 133C(4) of Income Tax Act

The scheme made under sub-section (3) shall cease to have effect from the date on which the scheme notified under section 135A in respect of this section comes into effect.

[Sub-section(4) of section 133C was inserted by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020]

Explanation: In this section, the term “proceeding” shall have the meaning assigned to it in clause (b) of the Explanation to section 133A.


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