Home › CS Executive › taxlaws › Direct Taxes — At a Glance › The lesson outlines a broad mandate for the Inco…
The lesson outlines a broad mandate for the Income Tax Department covering domestic and international tax. Which combination correctly captures the Department's key remit areas?
Answer & Solution
Correct answer: D.
1. The lesson identifies the Income Tax Department's remit areas in the Ministry of Finance.
2. It administers the Income Tax Act, 1961 and the various Finance Acts.
3. It is also responsible for enforcing Double Taxation Avoidance Agreements.
4. It handles Transfer Pricing in international taxation and applies the General Anti-Avoidance Rules.
5. Customs/GST sit with CBIC; VAT and SEBI fall outside the IT Department's remit.
_Source: ICSI CS Executive Paper 4 (Tax Laws) — Lesson 1: Direct Taxes — At a Glance, pp. 10-22._
Related questions
The Income Tax Department is described as functioning within a specific arm of the GovernmThe Central Board of Indirect Taxes and Customs sits alongside the CBDT under the DepartmeArticle 246 of the Constitution serves a specific structural role in the Indian tax framewThe Direct-Tax GDP Ratio table in the lesson reports a "Buoyancy Factor" for each financiaThe lesson provides a vital-statistics table showing the share of direct taxes as a percenThe lesson states that the CBDT is also India's official designated unit for a specific inThe Income Tax Act, 1961 replaced an earlier statute that had been in force for a long strSchedule VII to the Constitution distinguishes between the Union, State and Concurrent Lis