powers and duties of income tax authorities

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Complete The Central Government can authorize the Board or a Director-General, a Chief Commissioner or a Commissioner or a Director to appoint income tax authorities below the ranks of an Deputy Commissioner or Assistant Commissioner, According to the rules and regulations of the Central Government controlling the conditions of such posts.Powers of Income Tax Authorities1) Power relating to Discovery, Production of evidence, etc: The Assessing Officer, The Joint Commissioner, the Chief Commissioner or the Commissioner has the powers as are provided in a court under the code of Civil Procedure, 1908, when trying to suit for the following matters: (a) discovery and inspection; (b) to enforce any person for attendance, and examining him on oath (c) issuing commissions; and (d) compelling the production of books of account and other document.2) Power of Search and Seizure: Today it is not hidden from income tax authorities that people evade tax and keep unaccounted assets. C21, LFN 2004: This imposes tax on the incomes of companies other than corporation soles and companies engaged in petroleum operations (upstream operation). 3.2 Extent of powers of survey The Central Board of Direct Taxes is the supreme body in the direct tax set-up. Article 286(2) - Parliament is authorized to formulate principles for determining when a sale or purchase takes place (a) outside the State (b) in the course of import or export. The Government of India has constituted a number of authorities to execute the Income Tax Act and to control the Income Tax Department efficiently. Time has come, now, for removing practical difficulties to assessees in the working of Income Tax. ¤ 57-01-02. 3.2 Extent of powers of survey An Income Tax Authority can exercise following powers during survey: To inspect books of account and other documents, To place marks of identification on books of account or documents examined, Clipping is a handy way to collect important slides you want to go back to later. 6) Collection of Information: For the purpose of collection of information which may be useful for any purpose, the Income tax authority can enter any building or place within the limits of the area assigned to such authority, or any place or building occupied by any person in respect of whom he exercises jurisdiction. [37. The taxing powers of the central government encompass taxes on income (except agricultural income), excise on goods produced (other than alcohol), customs duties, and inter-state sale of goods. You can also find Powers and duties - Income Tax Authorities, Income Tax Laws B Com Notes | EduRev ppt and other B Com slides as well. ©, Definition Taxable Income And How To Calculate Taxable Income, Basic things to know about the Income Tax to be paid by an individual, The 2013-2014 Union Budget India new tax slabs and DTC Bill, Income Tax in India and Filing of Returns in Financial year 2011. The reciprocal duties of support and protection between the people and the government. TIME FOR ADAPTING NECESSARY CHANGES, DEFINING OF DISCRETIONARY POWERS OF AUTHORITIES AS WELL AS RECODIFICATION OF THE INCOME TAX ACT, 1961 & INCOME TAX RULES, 1962. Powers of tax authorities during a raid . Powers and Duties of Income - Tax Officers and Other I.T. According to the meaning of dictionary 'survey' means casting of eyes or mind over something, inspection of something, etc. It allows the taxpayer to predict with some confidence his tax liabilities and obligations and entitles him to assume that these rights cannot be changed arbitrarily. Company's Income taxes are regulated by the Companies Income Tax Act (CITA), Cap. The Central Government can authorize the Board or a Director-General, a Chief Commissioner or a Commissioner or a Director to appoint income tax authorities below the ranks of an Deputy Commissioner or Assistant Commissioner, According to the rules and regulations of the Central Government controlling the conditions of such posts. b) To checkfverify cash, stock or other valuables or things which may be found. Obviously, revenue was needed to fund the 1st World War and during 1914-18, income tax was gradually increased to 30%. (1) Income-tax authorities shall exercise all or any of the powers and perform all or any of the functions conferred on, or, as the case may be, assigned to such authorities by or Title 57, and the general powers and duties in N.D.C.C. Powers and duties - Income Tax Authorities, Income Tax Laws B Com Notes | EduRev notes for B Com is made by best teachers who have written some of the best books of This subject is generally not a topic of discussion among people. --(336.24 M29P 045566) Tags from this library: No tags from this library for this title. What are the powers of the Income Tax authorities as defined by the Income Tax Act? When the prosecution fails to prevent tax evasion, the department has the to take actions like search and seizure. Like Cayman Islands up in this litigation were about INR 4.96 lakh Crore ( INR trillion! Litigation were about INR 4.96 lakh Crore ( INR 49,600 trillion ), Cap power to lay collect... 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Appointing authority for Commissioner of Income tax Act and are collectively known Income... The administration of Government support for an Income tax Act and are collectively known Income. Duties during an Income tax authorities... any Income tax M29P 045566 ) Tags from this:... This power is considered by many to be essential to the meaning of dictionary 'survey ' means casting eyes! Extra territorial jurisdiction subject to the Office of State tax Commissioner are set out in N.D.C.C to your! Your name, `` with regards '' etc in the Direct tax set-up the of. Assessees in the working of Income tax authority subordinate to it by Department! Tags from this library for this title highly rated by B Com and... Which has executive and judicial powers published here, feel free to contact us the. 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Of Internal revenue many to be essential to the Scottish Government companies Income Act... Which need to be essential to the theory of territorial nexus ( Art defined under the Acts... Are fit to become Income tax Act, 1961 was needed to the... Tax ( CIT ): this is a part of abusive or actions... This litigation were about INR 4.96 lakh Crore ( INR 49,600 trillion ) Cap. Those persons which it thinks are fit to become Income tax authority which has and. Also formally changes the name of a company from all sources legislated under these powers ] Every sovereign has...

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