Income Tax Department of India Quiz

The Income Tax Department functions under the Department of Revenue of the Ministry of Finance.

The Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT).

The Income Tax Department enforces other economic laws such as the Benami Transactions (Prohibition) Act, 1988, and the Black Money Act, 2015.

<p>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.</p> Signup and view all the answers

<p>The Income Tax Act, 1961, empowers ITD to levy tax on the income of individuals, firms, companies, local authorities, societies, or other artificial juridical persons.</p> Signup and view all the answers