Income Tax Authorities and their Powers The Government of India has constituted a number of authorities to execute the Income Tax Act and to control the Income Tax Department efficiently. b. To verify the identity of each member of the search party before the start of the search and on conclusion of the search. The Income Tax (Negative Income Tax Allowance) Regulations 2017; The Industrial Expansion Act 1993. insofar as it relates to duty, excise duty and taxes (repealed by Finance Act 2006) The Land (Duties and Taxes) Act 1984 - Deleted by [Act No. e. Whenever a taxpayer is entitled to a decision or action by the Revenue authorities, either it should occur within a specified period or within a reasonable time. Therefore, taxpayers have effective judicial protection of their rights under these agreements. C) Both basic conditions. b) To checkfverify cash, stock or other valuables or things which may be found. There should be clear guidelines, procedures and approvals for Revenue authorities to provide information or assistance under an information exchange or mutual assistance agreement. Does the Rule of solve et repete (i.e., obligation to make advance tax payments prior to appeal) affect a taxpayer’s rights? Is a mutual agreement between tax authorities, in principle, binding on the taxpayer? (parseInt(navigator.appVersion) >= 3 )) || Many countries treat this principle not as a binding policy but as a principle for the legislature to follow. To answer all queries truthfully and to the best of his knowledge. d. Revenue authorities should provide advance rulings on how they will treat transactions or arrangements. Under the Income Tax Act, 1961, it is entrusted with certain powers. Uploader Agreement, Read Accounting Notes, Procedures, Problems and Solutions, Learn Accounting: Notes, Procedures, Problems and Solutions, Concept of Optimal Taxation: 3 Criterions, Introduction to Taxpayers’ Rights and Obligations, Taxpayers’ Rights under International Conventions on Human Rights, OECD Report on Taxpayers’ Rights and Obligations, Comments on Taxpayers’ Rights and Obligations. (c) Obligation to Provide Accurate Information and Documents on Time: All taxation systems use information provided by taxpayers to identify the taxpayer and to account for taxes paid or payable. In many countries, taxpayers are entitled to organize their affairs to minimize their taxes (Examples: Australia, Belgium, India, United Kingdom, and United States). var a=new Image(); a.src=img; return a; Thus, both taxpayers and tax administrations are bound by the Courts and their interpretation of the law and the Courts thereby protect the tax system and the taxpayer. “Every natural or legal person is entitled to the peaceful enjoyment of his possessions. (a) Right to be Informed, Assisted and Heard: Taxpayers are entitled to have up-to-date information on the operation of the tax system and the way in which their tax is assessed. // -->