About us

About Us


TAX

Most of us are well versed with the abbreviation TDS, but not many know what it literally means? TDS is Tax deducted at source and was introduced by the Income Tax department, with an aim to collect tax from the very source of income. Which means a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government.

Prior to registering on the income tax portal, one must ensure they have following details: Valid PAN Valid Mobile Number Valid Current Address Valid Email Address, preferably your own Minor, lunatic or idiot and those who are barred by Indian Contract Act, 1872 are incompetent to register on the income tax portal.

All About Income Tax Department

Income Tax is a percentage of an individual’s income that is paid to the government to run the nation smoothly, fund infrastructural development, pay salaries for those employed by the state or central governments etc.

Income Tax Department: A Comprehensive Guide

Any individual, whether a resident or an NRI, whose place of origin is India and who gets an income in the country falls in the slab of IT. Hence, he/she is eligible for tax payment.

Management

Being a part of the Department of Revenue in the Ministry of Finance, The Central Board of Direct Taxes (CBDT) provides inputs for policy and planning of direct taxes in India. This Board is also majorly responsible for administration of direct tax laws through the IT Department. The CBDT is a statutory authority that functions under the Central Board of Revenue Act, 1963. This government body, that is headed by the Chairman, comprises of six members, all of whom are ex-officio Special Secretary to the Government of India.

Roles and Responsibilities

Apart from monitoring the process of inflow of taxes and their collection by the Indian Government, The IT Department is also responsible for enforcing the Double Taxation Avoidance Agreements. They are also liable to deal with various aspects of international taxation such as Transfer pricing. The Income Tax Department seeks grant from Finance Act, 2012 the power to combat aggressive Tax avoidance by enforcing General Anti Avoidance Rules.