Privacy Policy Agreement * I agree to the Terms & Conditions and Privacy Policy. Income tax authorities and powers.bose 1. Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT). Authorities have the power to call for information with virtually any entity or persons in India under section 133. The CBDT has been empowered by taxation laws (amendment) Act 1975 to make rules regarding the maintenance of accounts and documents required under section 44AA. He may be authorised by the board or chief commissioner to exercise the powers of assessing officer. The board may empower director general or chief commissioner or commissioner to authorise deputy commissioner or deputy director to exercise the powers of assessing authority in respect of any specified area, person, incomes or cases or class of persons, class of income or class of cases. This search and seizure can be authorized by authorities including Joint Commissioner or Joint Director and those above their ranking as may be empowered by the Board. 1. This section has given powers to AO to use his discretion to use these power if he suspects that any income is either concealed or likely to be concealed. The Central Board of Direct Taxes is the supreme body in the direct tax set-up. They are conferred powers vested in a Civil Court under the Code of Civil Procedure, 1908 while dealing with the following matters –. An order under this clause shall not be enforced for a period exceeding 60 days from the date of order. Next Post → Stay Home ~ Stay Learnt. Income Tax Notes – Income Tax Authorities (Powers and Functions of FBR “Federal Board of Revenue” Long Question with Answer) for B.com, ADP, BS, BBA. Notes & Handouts / By Information PK Post navigation ← Previous Post. Some important points other than those discussed above are –, Important Notes – Government has proposed to increase the power of Income Tax Authorities. u/s 132(1). company or company owned/ controlled by CG/SG/CG and SG [139(6)]:-... Levy and collection of tax under GST Section 9(1) of CGST Act, 2017 provides that there shall be levied of tax called Central Goods an... 1. Tax Authorities Section 211. Power of the Board and Other Higher Authorities : Subject to the rules and orders of the Central Government regulating the conditions of service of persons in public services and posts, the Central Government may authorize the Board, or a Director-General, a Chief Commissioner or a Director or a Commissioner to appoint income-tax authorities below the rank of an Assistant Commissioner or Deputy Commissioner. TDS on Payment to Contractor u/s 194C after the amendments by Finance Act 2020, Few reasons to move to cashless transaction under Income-tax Act, 1961, This is why you should always quote your PAN rightly for TDS deductions, Mandatory Linking of Aadhaar and Exemptions from Income Tax Department, How to calculate WDV Rates for Depreciation, TDS on Insurance Commission [Section 194D], Value Added Statements – A way to Show Value added by organisation apart from Financials, Know how to calculate Treasury Bills, Bonds, etc. The commissioner has been empowered to grant approval for an order issued by the Assessing Officer asking a non-company assessee to get its accounts audited from a Chartered Accountant. The authority concerned acts in Strict Obedience to the law which imposes on it a simple and definite duty in respect of which it has no choice. Discuss the power and functions of income tax authorities Get the answers you need, now! It exercises control in respect of matters relating to all the Direct and Indirect Union Taxes through two statutory Boards namely, the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC). There are five main functions of taxation: fiscal, redistributory, regulating, controlling, and promoting. (Section 120 (4)), 7. (1) Income-tax authorities shall exercise all or any of the powers and perform all or any of the functions conferred on, or, as the case may be, assigned to such authorities by or under this Act in accordance with such directions as the Board may issue for the exercise of Log in. Following are the powers and functions of all of these income tax authorities: - Selection and audit of income tax cases. He can do only after giving the assessee an opportunity of being heard and after recording the reasons for doing so. (, 3. Although these powers are exercised by a Court, the authorities act in a quasi-judicial capacity and ought to conform to the principles of judicial procedure. Important Notes – Government has … They are appointed by chief commissioner or commissioner of Income Tax and are subordinate to Assessing officers. It has to preform several statutory functions under the various acts and it is responsible for the formulation and implementation of different policies relating to direct taxes administration. These powers are mainly in nature of search and seizures. Power or function exercised 502 4[(8A) The power to confer jurisdiction under this section shall include the power to transfer jurisdiction from one income tax authority to another.] These authorities may, after giving the assessee a reasonable opportunity of being heard in the matter, and after recording his reasons, transfer the case from one assessing officer subordinate to him. 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