What are the various authorities envisaged in the Income Tax Act 1961?

What are the various authorities under IT Act 1961 and?

Income-tax Officers, Additional Directors of Income-tax or Additional Commissioners of Income-tax or Additional Commissioners of Income-tax (Appeals), Tax Recovery Officers, Joint Directors of Income-tax or Joint Commissioners of Income-tax.

What are the various authorities?

His three types of authority are traditional authority, charismatic authority and legal-rational authority (Weber 1922).

What are the various functions of income tax authorities?

All matters relating to levy and collection of Direct Taxes. All matters relating to levy and collection of Indirect Taxes. investigation into economic offences and enforcement of economic laws. Prevention and combating abuse of Narcotic drugs and psychotropic substances and illicit traffic therein.

Who are the authorities of income tax in India?

The Income Tax Department (also referred to as IT Department or ITD) is a government agency undertaking direct tax collection of the Government of India. It functions under the Department of Revenue of the Ministry of Finance. Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT).

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Who is the highest income tax authority as per the Income Tax Act 1961?

Central Board of Direct Taxes (CBDT)

It is the highest executive body to govern Income Tax Authorities. It exercises its power to control and regulate the Income Tax Authorities. Under the Income Tax Act, 1961, it is entrusted with certain powers.

What are different penalties which can be imposed under the provisions of Income Tax Act 1961?

Penalty Under Income Tax Act

Sl No Penalty
5) 50% of the amount of tax payable on under-reported income. 200% of the amount of tax payable on under-reported income
6) Rs.10,000 for every failure
7) Minimum:100% of tax sought to be evaded. Maximum: 300% of tax sought to be evaded
8) Maximum-150% of the tax avoided

What are the five types of authority?

18 Different Types of Authority

  • Academic Authority.
  • Charismatic Authority.
  • Expert Authority.
  • Founder Authority.
  • Legal-Governing Authority.
  • Organizational-Position Authority.
  • Ownership Authority.
  • Prophetic Authority.

Who appoints the income tax authorities?

— (1) The Central Government may appoint as many Directors of Inspection, Commissioners of Income-tax, Commissioners of Income-tax (Appeals), Additional Commissioners of Income-tax, Appellate or Inspecting Assistant Commissioners of Income-tax and Income-tax Officers of Class I Service, as it thinks fit.

Which method of following is recognized by income tax authorities?

The Income Tax Act recognize written down value of depreciating asset except for undertaking engaged in generation and generation and distribution of power.

What are the power and functions of CBDT?

The Central Board of Direct Taxes (CBDT) is the authority vested with the responsibility of the administration of laws related to direct taxes through the Department of Income Tax. In India, necessary inputs for policy and planning is provided by the CBDT.

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What is Pan and its importance?

The Permanent Account Number (PAN) card, issued by the Income tax Department, is one of the most important documents nowadays. Uses Of Pan Card. The card was issued in order to prevent tax evasion by individuals and entities as it links all financial transactions made by a particular individual or entity.

What is the highest salary of income tax officer?

INR 61,888

Rank Pay Scale (Per Month)
Joint Commissioner INR 37400 to 67,000+Grade pay INR 8,700
Deputy Commissioner INR 15,600 to 39,100
Assistant Commissioner INR 15,600 to 39,100+Grade pay INR 5,400
Income Tax Officer INR 9,300 to 34,800+Grade pay INR 4,800/5,400

What is the current income tax slab for individual?

Income Tax Slabs and Rates for Financial Year: 2019-20

Income Tax Slab Individuals below the age of 60 years
Up to `2,50,000 Nil
2,50,001 to 5,00,000 5%
5,00,001 to 10,00,000 12,500 + 20% of total income exceeding 5,00,000
Above 10,00,000 1,12,500 + 30% of total income exceeding 10,00,000

What is the salary of income tax inspector?

SSC CGL Post-wise Salary

Rank Pay Scale
Deputy Commissioner INR 15,600-39,100 + Grade Pay of INR 6,600.
Assistant Commissioner INR 15,600-39,100 + Grade Pay of 5,400
Income Tax Officer INR 9,300-34,800 + Grade Pay of INR 4,800/INR 5,400
Income Tax Inspector INR 9,300-34,800 + Grade Pay of 4,600
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