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Questions and Answers
What is the main responsibility of the Income Tax Department?
What is the main responsibility of the Income Tax Department?
The main responsibility of the Income Tax Department is to enforce various direct tax laws, most important among these being the Income-tax Act, 1961, to collect revenue for the government of India.
Under which government ministry does the Income Tax Department function?
Under which government ministry does the Income Tax Department function?
The Income Tax Department functions under the Department of Revenue of the Ministry of Finance.
Who heads the Income Tax Department?
Who heads the Income Tax Department?
The Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT).
What does the Income Tax Act, 1961 empower the ITD to do?
What does the Income Tax Act, 1961 empower the ITD to do?
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Name one of the economic laws enforced by the Income Tax Department.
Name one of the economic laws enforced by the Income Tax Department.
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Study Notes
Income Tax Department
- The main responsibility of the Income Tax Department is to collect direct taxes from individuals and businesses.
Government Ministry
- The Income Tax Department functions under the Ministry of Finance.
Leadership
- The Income Tax Department is headed by the Central Board of Direct Taxes (CBDT).
Income Tax Act, 1961
- The Income Tax Act, 1961 empowers the ITD to levy, collect, and recover income tax from individuals and businesses.
- The Act also grants the ITD the authority to conduct searches, seizures, and surveys to enforce tax compliance.
Economic Laws
- One of the economic laws enforced by the Income Tax Department is the Benami Transactions (Prohibition) Act, 1988.
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Description
Test your knowledge of the Income Tax Department of India with this quiz. Explore the functions, structure, and responsibilities of this government agency as you answer questions related to direct tax collection and the role of the Central Board of Direct Taxes (CBDT).
