CIT(A), ITAT, High Court and Supreme Court. The Central Board of Direct Taxes is the supreme body in the direct tax set-up. Featured Posts. Join Detailed Online Certification Courses on GST; INCOME TAX AUTHORITIES • The Income Tax Department, also referred to as IT Department, is a government agency in charge of monitoring the income tax collection by the Government of … See our User Agreement and Privacy Policy. PPT, being the minimum standard adopted, should also have a binding effect and it can thus be said that PPT is imperatively linked to availing benefit under the tax treaty. Income tax authorities under Income tax act 1961 1. The Central Board of Direct Taxes is the supreme body in the direct tax … Indirect tax is paid by the person other than the person who utilizes the product or service e.g Excise duty, Custom duty, Service tax, Sales Tax, Value Added Tax. Income Tax Authorities: Income tax authority [Explanation (a) to section 133A]: "Income-tax authority" means a Commissioner, a Joint Commissioner, a Director, a Joint Director, an Assistant Director or a Deputy Director or an Assessing Officer, or a Tax Recovery Officer, and for the purposes of clause (i) of subsection (1), clause (i) of sub-section (3) and sub-section (5), … You can change your ad preferences anytime. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail.. 3- However for Income tax purposes separate financial statement for the period April-March covering 12 months period has to Aprilbe prepared, audited and filed with the authorities. The quantum of penalty leviable depends upon the nature of default. Purpose of Vivad Se Vishwas Scheme, 2020-To Reduce Income Tax Litigations pending before various Appellate Authorities i.e. For more information on personal income tax and income tax for the self-employed, look in the ‘Taxes’ section of the … What is the minimum and maximum penalty leviable? 1. Such Authorities not below the rank of Assistant Commissioner of income-tax, as may be notified by the Board have powers to inquire or investigate in respect of any person or class of persons relating to an agreement for the exchange of information under section 90 and 90A. It’s smaller if your income is over £100,000. Income Tax Authorities their Powers & Functions under Income-Tax Act, 1961. Now customize the name of a clipboard to store your clips. INCOME-TAX AUTHORITIES [5. In some countries, only Federal Tax is eligible e.g. See our User Agreement and Privacy Policy. 3/1/2015 2 Tax is a payment made to the government of a country with out “ quid pro quo”i.e. is not limited to income earned within the geographical limits or boundaries of the country. Title: Income tax Act Current Issues Author: palaniswamy Last modified by: ksworld Created Date: 8/16/2006 12:00:00 AM Document presentation format – A free PowerPoint PPT presentation (displayed as a Flash slide show) on PowerShow.com - id: 594a3c-YTM1Y The Income tax Act contains the provisions for determination of taxable income, determination of tax liability, procedure for assessment, appeal, penalties and prosecutions. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. INTRODUCTION • The present law of income tax is contained in the Income Tax Act, 1961. 0 0 upvotes, Mark this document as useful 0 0 downvotes, Mark this document as not useful Embed. It also lays down the powers and duties of various income tax authorities. Step 5 Find out the balance. List of information about Income Tax. Looks like you’ve clipped this slide to already. Income-tax authorities.—(1) There shall be the following classes of income-tax authorities for the purposes of this Act, namely:— (a) the Central Board of Revenue, [(aa) Directors of Inspection,] (b)Commissioners of Income-tax, along with interest and fee* should be paid before filing the return of income. Is DDT tax on income? Add surcharge; education cess & SHEC. save Save Income Tax Authorities For Later. Tags: CA Agarwal Sanjay Voice of CA, Downloads, Income Tax Assessment. If you continue browsing the site, you agree to the use of cookies on this website. Based on the object of both provisions and considering the above, it could be said that GAAR and PPT should complement each other, thereby co-existing rather than one superseding the other. 129. —(1) The Income-tax Officer, Appellate Assistant Commissioner, Commissioner and Appellate Tribunal shall, for the purposes of this Act, have the same powers as are vested in a Court under the Code of Civil Procedure, 1908 (V of 1908), when trying a suit in respect of the following matters, namely:— collection of income tax: for the ascertainment of the income to be charged; for the administrative and general provisions relating thereto; and for matters incidental to and connected with the foregoing Rates for the PY 14-15 (India). Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. See our Privacy Policy and User Agreement for details. View 2. Income Tax (A.Y. 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