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Power and functions of Income Tax Authorities

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THE POWER AND FUNCTIONS OF INCOME TAX AUTHORITIES: CBDT: 1. The board can declare any association whether incorporated or not and whether Indian, or Non Indian as company under the provision of Section 2(17) 2. The board has power to determine the jurisdiction of various authorities mentioned in this act. ( Section 118) 3. The board may issue directions for the exercise of powers and performance of the functions by all or any of these authorities. While issuing such direction the Board will keep in mind any of the following criteria such as: territorial area, persons or classes of person, incomes or classes of incomes and cases or classes of cases. (section 120(1) and (3) 4. The board may authorise by general or specific order, director general or director to perform the powers of any of the income tax authorities. (section 120) 5. The board may authorise any of the authorities to exercise its power concurrently with any pother authority. In case such notification is iss...
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Audit note book advantages and disadvantages

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Advantages of Audit Note Book  Audit note book enables the auditor to record important points, which arise during the course of his audit; otherwise he might forget these points. An auditor can produce this book as a documentary evidence in a suit filed against him for negligence or misfeasance.  It facilitates the preparation of the audit report. If the assistant in charge is changed before the completion of a particular work, it acts as a guide and makes the completion of balance work easier. A credit note book makes the work of audit convenient because all the important details about audit can be recorded in this book and, as such, any change in the staff of the auditor does not disturb or dislocate the work of audit. It can help in making an assessment of the work of audit clerks. It provides a key to evaluate the efficiency of the audit staff. Disadvantages of Audit Note Book Very often, it creates misunderstanding between the client staff and ...
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CENTRAL BOARD OF DIRECT TAXES AND ITS POWERS

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Central Board of Direct Taxes is the highest authority in the administrative set of the Income tax department. It was constituted under the provision of Central Board of Revenue Act 1963. The board functions under the control of Ministry of Finance, Government of India. Its jurisdiction is whole of India.  POWERS OF CBDT: The whole of income tax department is to be looked after by the board. It has to perform the function of administration, supervision and control of entire income tax structure in India. The orders and directions issued by the board are to be compared with all the subordinate authorities. The income tax Act provides following specific powers to the board: 1. The board can declare any association whether incorporated or not and whether Indian, or Non Indian as company under the provision of Section 2(17) 2. The board has power to determine the jurisdiction of various authorities mentioned in this act. ( Section 118) 3. The board may issue directions fo...
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