Question

Which of the following is not an Income Tax Authority under the Income Tax
Act?
​

Answer 1

Answer:

There are five heads of income — salary, income from house/property, profit from business or profession, capital gains and income from other sources. Interest on NSC is taxable under the head “income from other sources”.

Explanation:

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Answer 2

Question:

Name the classes of Income-tax authorities under Income Tax Act.

Answer:

The classes of income-tax authorities for the purposes of this Act, are:—

(a) the Central Board of Revenue,

[(aa) Directors of Inspection,]

(b)Commissioners of Income-tax,

(c) Assistant Commissioners of Income-tax who may be either Appellate Assistant Commissioners of Income-tax or Inspecting Assistant Commissioners of Income-tax,

(d) Income-tax Officers,

(e) Inspectors of Income-tax.

Explanation:

• Income Tax Department (also known as IT Department or ITD) is a government agency that collects taxes directly from the Government of India. Report to the Treasury Department of  the Treasury. The Income Tax Department is headed by the  Central Direct Tax Board (CBDT). The main function of the Income Tax Department is to enforce various direct tax laws. The most important of these is the Income Tax Act, 1961, which collects revenues from the Government of India. It also enforces other business laws such as the Benami Transactions (Prohibition) Act of 1988 and the Black Money Act of 2015.
• The Income Tax Act 1961 is broad in scope, giving the ITD the power to  tax the income of individuals, corporations, corporations, municipalities, associations or other artificial corporations. The Income Tax Department therefore influences businesses, professionals, NGOs, income earners, local governments, and  others. As the law authorizes the Income Tax Department to tax international companies and professionals, the ITD deals with all issues of double taxation treaties and various  aspects of international taxation, such as: B. Transfer Pricing. Combatting tax evasion and tax evasion practices is a central task of the ITD to ensure a constitutional political economy. One measure to combat active tax avoidance is the General Anti-Avoidance Rule (GAAR).

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