The income tax department of India regulates the entire taxation process in India. It comes under the governance of the Central Board for Direct Taxes. The income tax department of India is a part of the Department of Revenue under the Ministry of Finance in India. The department is the authority to assess the taxable income and impose tax on that income.
The department is responsible to collect tax from the income of individuals, companies, Hindu Undivided Families and the co-operative societies and trusts. According to the income tax department, five types of income are taxable in India and they are – income earning from salary, income from business and professions, income earned from house property, income from capital gains and income from other services.
The vision of the income tax department of India is to be recognized as a professional organization, which is capable of collecting resources efficiently and successfully.
Remaining considerate towards the clients is also the vision of income tax department of India while adapting, promoting and improving voluntary compliance being another vision followed by the department.
Backed with strict enforcement and caring taxpayer service, the department is dedicated to promote the compliance with the direct tax laws and hence realizing the maximum resources for the Nation is the mission of income tax department of India. The prime values maintained by the department of income tax in India is dedication to the duties, integrity of conduct, maintaining professionalism in the work and keeping an attitude of service to the clients thus nurturing a mutual confidence.
The acts implemented by the income tax department of India are – income tax act, gift tax act, wealth tax act, finance acts, interest tax acts and expenditure tax act. The rules given by the income tax department of India on the income tax are – income tax rules, gift tax rules, wealth tax rules, interest tax rules, expenditure tax rules, settlement commission rules, ITAT rules and advance ruling.
The income tax department of India has come up with online services. The official website of the department now offers e-payment procedure and the taxpayers having a net-banking account with the Axis Bank, HDFC Bank, State Bank of India, Union Bank of India and IDBI Bank can avail the e-payment facility of the income tax department of India.
Last Updated on : 5th July 2013