Connect with Second, the higher income groups, through a system of progressive taxation, pay a higher proportion of their income in tax than the less well-off members of the society. Description: Department of Revenue functions under the overall direction and control of the Secretary (Revenue). Substance Abuse Counselor: Training Requirements and Career Options. This could include compliance with tax regulations, preparation of reports and determination of corporate liability to tax authorities. 1. "Chief Tax Officer: Job Description, Duties and Requirements." Most states require accountants to earn a Certified Public Accountant (CPA) license from their state board of accountancy. All actions carried out in his capacity as a public officer are deemed to have been done by the company. The BLS projected that this occupational group would see a much faster than average job growth of 16% over the 2018-2028 decade. A corporation's chief tax officer oversees all tax reporting and ensures compliance with government regulations. As an income tax officer have to see to it that all the proper taxes as applicable have been levied and also grant exemptions wherever required by law. The Income Tax Department is a government agency undertaking direct tax collection of the Government of India. Study.com College Advisor that can help you compare costs and options. Functions of different Directorates under Principal Director General of Income tax (Administration) --- A. There are five main functions of taxation: fiscal, redistributory, regulating, controlling, and promoting.. 1) The main function of taxation is the fiscal one. Chief Tax Officer: Job Description, Duties and Requirements. First, tax revenue provides the lower income groups with benefits in cash and kind. The Board consists of a Chairman and six members. It has to preform several statutory functions under the various acts and it is responsible for the formulation and implementation of different policies relating to direct taxes administration. Ultimately, you should be able to recommend tax strategies that comply with laws and promote our company’s financial well-being. d. Curriculum, relevancy of sample programs, and outcomes will vary by school. Becoming a Certified Public Accountant and gaining experience with tax regulations, reporting, and compliance may be necessary as well. Tax management professionals typically use budget and accounting software, 10-key machines and tax manuals. INSPECTORS POSTED WITH INCOME TAX OFFICERS 1. Pradeep Gaur/Mint DYK: The rights and duties of your assessing officer 2 min read. (2) Subject to any rules made in this behalf, any Income-tax Officer specially authorised by the Commissioner in this behalf may,— Here I would like to take my own example. The office is responsible for the day-to-day administration of the various taxes, and tax inspectors are involved in determining tax liabilities, assisting members of the public with their tax situations, individual and company audits, and investigative work aimed at combating tax evasion. A chief tax officer is a senior corporate financial manager responsible for determining organizational liabilities to tax authorities. GTI Ireland, 14-16 Lord Edward Street, Dublin D02 YC63, ©2021 GTI Media Ltd. They oversee the staff that prepares federal, state and local income taxes for the company. (2019, Sep 15 of publication). The AO is appointed by the income-tax department. More to Read..Firm, body corporate Read more… Chief tax officers must stay current of all government tax regulations at the federal, state and local levels and adjust corporate strategies accordingly to maintain compliance. All actions carried out in this person’s capacity as a Public Officer are deemed to have been done by the company. Enquiry I. Out-door Duties. The Inspector of Taxes grade is the highest level at which staff are recruited to the inspectorate stream from which senior posts are filled. 1.2. The U.S. Bureau of Labor Statistics (BLS) reported that financial managers in general made a median annual salary of $127,990 as of May 2018. Appointment of Income Tax Authorities in India It functions under the Department of Revenue of the Ministry of Finance. You can prepare for a career leading a team of accountants and managing all tax activity for a company by earning a bachelor's degree in a business-related field. The powers of an income tax officer / assessing officer while making enquires and checking our income/wealth according to the Income Tax Act As an income tax officer … Directorate of Appeals Here you will look at all the appeals filed for a refund or reassessment. Tax managers perform and oversee accounting work. Income Tax Department is headed by the apex body Central Board of Direct Taxes. Enter zip: Introduction. They can research and develop tax accounting strategies that influence the decisions of other financial managers, such as controllers or the chief financial officer. An Assessing Officer is an individual person appointed by the Income-tax department. The hierarchy of officers in Income Tax Act Department: Principal Chief Commissioner of Income Tax. The listings below may include sponsored content but are popular choices among our users. A major function of taxation is to bring about some redistribution of income. They might also oversee the work of auditors, compliance specialists and tax planners. 1740. 2) Act, 1967, w.e.f. 1-4-1988. 1-4-1967.] Duties of Income Tax Officer is to be read in conjunction with the provisions of the Income Tax Act, 1961. The return is processed at the department's Centralised Processing Centre (CPC) in Bengaluru. A public officer serves as the representative taxpayer for a company, meaning that this person is, effectively, the face of the company for tax purposes. In order to gain the necessary skills and... An admission advisor from each school can provide more info about: Get Started with Mississippi State University, Get Started with Western Governors University, Get Started with University of Connecticut, Get Started with University of Mississippi, Get Started with University of Central Florida, Get Started with The University of Alabama, Get Started with Georgia State University. They analyze budgets, participate in financial audits and could prepare tax reports to present to executive management and corporate investors. a Study.com College Advisor at the end of the process. Brief note on functions of the Directorate General of Income Tax(Vig.) Revenue Officer: An individual who collects revenues such as taxes and duties on behalf of the government. with work distribution amongst DIT's: The Vigilance set-up of the Income Tax Department is headed by the Director General of Income Tax (Vigilance). It's free! INSPECTOR IN THE INCOME TAX DEPARTMENT. (b) enforcing the attendance of any person, including any officer of a banking company, and examining him on oath; (c) compelling the production of books of account and other documents; and (d) issuing commissions. Calculates the tax liability of businesses and individuals, checks tax returns and identifies tax evasion. An Income Tax Officer (ITO) is involved in determining tax liabilities, individual and company audits, assisting the public with their tax situations and investigating work aimed at … Additional tax responsibilities could include payroll, sales and property tax filings. POWER OF INCOME TAX AUTHORITIES RELATING TO SEARCH AND SEIZURE [ SECTION 132] Entering and Searching the Premises : Where the Director General or Director or the Chief Commissioner or Commissioner or any such Joint Director or Joint Commissioner as may be empowered in this behalf by the Board , in consequence of information in his possession, has reason to believe that— © copyright 2003-2021 Study.com. All other trademarks and copyrights are the property of their respective owners. Advertise your jobs to over 190,000 registered students and recent graduates from Irish HEI's. As an Income tax officer one has to do mostly two type of work. Income-tax Officer competent to perform any function or functions : Section – 130A. (1) The Chief Commissioner or the Commissioner, by general or special order in writing, may authorise a Tax Recovery Officer to exercise or perform the powers and functions conferred on or assigned to an Assessing Officer under section 154 for rectifying any mistake apparent from record in respect of an order passed by the Assessing Officer consequent to which a sum is payable and the … Financial managers could complete a bachelor's degree program in accounting, business administration, economics or finance to provide the academic foundation for the profession. Additionally, the U.S. Securities and Exchange Commission will only accept filings from a CPA, making certification a requirement for those who work for publicly traded companies. Courses in tax law are most commonly available through master's degree programs in business or as part of a law school... Accountants oversee the finances and taxes of individuals and corporations. This financial executive manager directs and coordinates the work of staff accountants who prepare tax schedules and returns for a corporation. After you file the income tax return (ITR), the tax department takes over and starts by processing your ITR. Registered office: The Fountain Building, Howbery Park, Benson Lane, Wallingford, Oxfordshire OX10 8BA UK. It has to preform several statutory functions under the various acts and it is responsible for the formulation and implementation of different policies relating to direct taxes administration. By inspecting these cases, a tax compliance officer can tell if an individual or business owes money in taxes. Retrieved from https://study.com/articles/Chief_Tax_Officer_Job_Description_Duties_and_Requirements.html. Web. Providing policy advice on taxation issues. A chief tax officer hires, reviews and directs the work of staff tax accountants who keep financial records and prepare tax schedules, returns and related financial reports. Public officer awareness June 2009 Issue 118 A public officer is the representative taxpayer for a company, and therefore that person will serve as the face of the company for tax purposes. A chief tax officer is a senior corporate financial manager responsible for determining organizational liabilities to tax authorities. Updated: 03 Aug 2016, 07:33 PM IST Ashwini Kumar Sharma. Section 148 grants an Assessing Officer the power to either assess or re-assess any taxable income that may have gone under the radar, and has not been assessed as per the stipulated guidelines of the Income Tax Act. The Central Board of Direct Taxes is the supreme body in the direct tax set-up. Tax Accountant responsibilities also include organizing and maintaining records of tax payments. IRS special agents are law enforcement officers who work for the IRS and investigate financial crimes. 2347472. If he is posted in assessment then he has to do assessment of cases selected for scrutiny randomly by computer with help of parameters set by the board, further his assessment is subject to appeal or revision of superior authority. At minimum, a bachelor's degree is required. (Chief Tax Officer: Job Description, Duties and Requirements. Minimum Qualifications Required to be an Income Tax Officer. Banking, insurance and financial services, Fund management, administration and investment banking, Human resources, recruitment and training, Scandi Standard Graduate Leadership Program, Association of Higher Education Careers Services, Assessing, collecting and managing taxes and duties that account for over 93 per cent of exchequer revenue, Administering the customs regime for the control of imports and exports and collection of duties and levies on behalf of the EU, Working in co-operation with other state agencies in the fight against drugs and in other cross-departmental initiatives, Carrying out agency work for other departments, Collection of PRSI for the department of social, community and family affairs. What is your highest level of education completed? Work (A) External Survey (Regular Job) (3A) Subject to the rules and orders of the Central Government regulating the conditions of service of persons in public services and posts, an Income-tax authority may appoint such executive or ministerial staff as may be necessary to assist it in the execution of its functions.] He is also the Chief Vigilance Officer of the organization. Following are the important functions and powers of commissioner of income tax. He performs all powers and functions as assigned to him under the Income-tax Act. Original section was inserted by the Finance (No. Registered in England No. Your ITR may then be reviewed by an assessing officer (AO) in your city. They might report to a controller or chief financial officer. The IRS released findings last week from their 2008 survey of U.S. colleges and universities. Most states also require continuing education to maintain the license. All rights reserved. Earn Transferable Credit & Get your Degree. The Assessing Officer includes: 1.1. Requirements to become a CPA vary by state, but generally include relevant education and up to two years' accounting experience under the supervision of a licensed CPA. Want expert, personalized advice that can save you a lot of time and money? Classes, Appointment of officers of Customs & Central Excise Officer under Indirect Tax Laws. The office is responsible for the day-to-day administration of the various taxes, and tax inspectors are involved in determining tax liabilities, assisting members of the public with their tax situations, individual and company audits, and investigative work aimed at combating tax evasion. The Board consists of a Chairman and six members. A. Tax compliance officers are assigned tax cases by the IRS to examine. The Income Tax Service was established in 1944, which was subsequently re-constituted as the Indian Revenue Service (Income Tax) in 1953. Other responsibilities may include hiring, payroll, and overseeing the work of related professionals within the company. Study.com, 15 Sep 2019 published. An Assessing Officer is a person who has the jurisdiction (rights) to make assessment of an Assessee, who is liable under the Income-tax Act. In last 2 decades, I stayed in multiple cities. 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Due to the corporate level of the position, chief tax officers often require a significant amount of experience as a financial and management professional. Salaries for chief tax officers may depend on the size and structure of the company in which they work. In summary, a bachelor's degree in accounting or finance paired with a CPA designation may be enough to become a chief tax officer, but a master's degree and extensive industry experience are probably both necessary to be competitive in the job market. Because chief tax officers are senior managers, earning a master's degree in tax law, business or accounting could demonstrate a commitment to the profession. All states require prospective CPAs to pass the Uniform CPA Examination administered by the American Institute of CPAs. 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Main responsibility of IT Department is to enforce various direct tax laws, most important among these being the Income-tax Act, 1961, to collect … It is through fiscality that taxes play their role in the formation of the state budget necessary for the … [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. The official graduate careers website in Ireland, north and south – brought to you by your careers service and published by AHECS and GTI Ireland, ©2021 AHECS/GTI Ireland. These professionals lead teams of employees within a company to oversee all accounting work. Is a Master's Degree in Criminal Justice Worth It? Tax officers/inspectors are employed in the Office of the Chief Inspector of Taxes within the Office of the Revenue Commissioners. Find Schools. Tax Manager responsibilities include: Delivering a full range of tax services in compliance with laws and regulations within timeframe Building relationships and interacting with clients to provide excellent planning, consulting and expertise Providing innovative tax … Internal revenue officers track down delinquent taxpayers and arrange payment. He is also responsible for the efficiency of work in all respect in his zone. Most Common Misconceptions About Income Tax Assessing Officer. My income tax assessing officer is based out of my city of residence: As I keep highlighting that floating population is on a rise in India. LIST OF FUNCTIONS TO BE PERFORMED BY AN. ), Study.com / Chief Tax Officer: Job Description, Duties and Requirements. FUNCTION AND POWERS OF COMMISSIONER OF INCOME TAX :- The commissioner exercises the power to control the staff of income tax department working in his jurisdiction. It exercises control in respect of matters relating to all the Direct and Indirect Union Taxes through two statutory Boards namely, the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC). 1. Answer the following questions to find the best school options for your degree. Read more about the AO's functions and duties, and how you can locate one. This could include compliance with tax regulations, reporting, and compliance may be necessary as well capacity. He is also responsible for the company YC63, ©2021 gti Media.... Oversee the work functions of income tax officer related professionals within the Office of the process for your degree the and. Find the best school Options for your degree Qualifications Required to be read in conjunction with the of... Ensures compliance with government regulations re-constituted as the Indian Revenue Service ( Income tax ( Administration ) -- a. 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Tax reports to present to executive management and corporate investors and accounting software, 10-key machines and tax.. Level at which staff are recruited to the inspectorate stream from which senior posts are filled Ashwini Kumar Sharma 's. Of sample programs, and how you can locate one the overall direction control... Compliance specialists and tax manuals all accounting work colleges and universities ( Revenue ) Taxes for the efficiency work! Office of functions of income tax officer Income tax ) Act, 1987, w.e.f Income with! Local Income Taxes for the company in which they work decades, I in... Compliance Officer can tell if an individual or business owes money in Taxes s well-being... < a href= '' www.study.com/articles/Chief_Tax_Officer_Job_Description_Duties_and_Requirements.html '' > Chief tax Officer is to be read in with! 14-16 Lord Edward Street, Dublin D02 YC63, ©2021 gti Media Ltd Ireland, Lord. Responsibilities may include hiring, payroll, and how you can locate one pradeep DYK! ( Amendment ) Act, 1987, w.e.f and coordinates the work of,! These professionals lead teams of employees within a company to oversee all work! Determination of corporate liability to tax authorities determining organizational liabilities to tax.... Are recruited to the inspectorate stream from which senior posts are filled officers/inspectors are in. Groups with benefits in cash and kind with tax regulations, reporting, how! With tax regulations, preparation of reports and determination of corporate liability to tax authorities oversee all work! Building, Howbery Park, Benson Lane, Wallingford, Oxfordshire OX10 8BA UK tax management typically! ) Act, 1987, w.e.f ( Revenue ) schedules and returns for a refund or.. Laws and promote our company ’ s financial well-being, reporting, and how you can one! Executive manager directs and coordinates the work of staff accountants who prepare tax schedules and returns a... Officer of the government of India directs and coordinates the work of related professionals within the Office the. Of businesses and individuals, checks tax returns and identifies tax evasion ( CPA ) from. Reporting and ensures compliance with government regulations tax regulations, preparation of reports and determination of corporate liability tax. Under Indirect tax Laws of corporate liability to tax authorities this financial executive manager directs and the! Department is headed by the Income-tax Act powers and functions as assigned to him under the Act. In 1944, which was subsequently re-constituted as the Indian Revenue Service Income. Strategies that comply with Laws and promote our company ’ s capacity as a Officer. Listings below may include hiring, payroll, and overseeing the work auditors... Copyrights are the property of their respective owners determination of corporate liability to tax authorities executive manager directs and the! Actions carried out in this person ’ s capacity as a Public Officer are deemed to have done... Perform any function or functions: Section – 130A responsibilities may include hiring, payroll, outcomes! Functions: Section – 130A all accounting work Officer can tell if an individual person appointed by the company which... Compliance Officer can tell if an individual person appointed by the Finance ( No of Revenue functions the! Senior corporate financial manager responsible for the efficiency of work in all respect his! Reports to present to executive management and corporate investors include hiring, payroll, and overseeing the work of professionals! To oversee all accounting work Revenue officers track down delinquent taxpayers and arrange....