Income tax Department - Wikipedia Income tax Department This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. ( July 2016 ) Agency overview Formed 1922 ; 96 years ago ( 1922 ) Jurisdiction Government of India Employees 46,000 ( 2016 - 17 est. ) Minister responsible Arun Jaitley, Finance Minister Agency executive Sushil Chandra IRS ( IT : 1980 ), Chairman, Central Board of Direct Taxes Parent department Department of Revenue Website incometaxindia.gov.in Taxation An aspect of fiscal policy Policies Government revenue Tax revenue Non-tax revenue Tax law Tax bracket Tax threshold Exemption Credit Deduction Tax shift Tax cut Tax holiday Tax advantage Tax incentive Tax reform Tax harmonization Tax competition Double taxation Representation Unions Medical savings account Tax, tariff and trade Economics Price effect Excess burden Tax incidence Laffer curve Optimal tax Theory Optimal capital income taxation Collection Revenue service Revenue stamp Tax assessment Taxable income Tax lien Tax refund Tax shield Tax residence Tax preparation Tax investigation Tax shelter Private tax collection Tax farming Noncompliance Tax avoidance Tax evasion Tax resistance Tax haven Smuggling Black market Transfer mispricing Unreported employment Tax shelter Distribution Tax rate Flat Progressive Regressive Proportional Types Direct Indirect Per unit Ad valorem In rem Capital gains Carbon Consumption Dividend Ecotax Excise Fuel Georgist Gift Gross receipts Income Inheritance ( estate ) Land value Payroll Pigovian Property Sales Sin Single Stamp Steering Turnover Value - added ( VAT ) Corporate profit Excess profits Windfall profits Negative ( income ) Wealth International Financial transaction tax Currency transaction tax Tobin tax Spahn tax Tax equalization Tax treaty Permanent establishment Transfer pricing European Union FTT Foreign revenue rule Trade Custom Duty Tariff Import Export Tariff war Free trade Free trade zone Trade agreement Religious Church tax Eight per thousand Teind Tithe Fiscus Judaicus Leibzoll Temple tax Tolerance tax Jizya Kharaj Khums Nisab Zakat By country List of countries by tax rates Tax revenues as % GDP Albania Algeria Argentina Australia Azerbaijan Bangladesh Bhutan Brazil Bulgaria BVI Canada China Colombia Croatia Denmark Finland France Germany Greece Hong Kong Iceland India Indonesia Iran Ireland Israel Italy Japan Kazakhstan Lithuania Malta Namibia Netherlands New Zealand Norway Pakistan Palestine Peru Philippines Poland Russia Singapore South Africa Sweden Switzerland Taiwan Tanzania United Kingdom United States Uruguay The Income Tax Department, also referred to as IT Department, is a government agency in charge of monitoring the income tax collection by the Government of India. It functions under the Department of Revenue of the Ministry of Finance. It is responsible for administering following direct taxation acts passed by Parliament of India. The Income - tax Act, 1961 Expenditure Tax Act, 1987 Various Finance Acts ( Passed Every Year in Budget Session ) The IT Department is also responsible for enforcing the Double Taxation Avoidance Agreements and deals with various aspects of international taxation such as Transfer pricing. Finance Act, 2012 seeks to grant Income Tax Department powers to combat aggressive Tax avoidance by enforcing General Anti Avoidance Rules. Contents 1 Management 2 Anti Black Money Measures 2.1 Seizures of new Rs. 2000 notes 3 See also 4 References Management The Central Board of Direct Taxes ( CBDT ) is a part of Department of Revenue in the Ministry of Finance. The CBDT provides inputs for policy and planning of direct taxes in India, and is also responsible for administration of direct tax laws through the IT Department. The CBDT is a statutory authority functioning under the Central Board of Revenue Act, 1963. The officials of the Board in their ex officio capacity also function as a division of the Ministry dealing with matters relating to levy and collection of direct taxes. The CBDT is headed by Chairman and also comprises six members, all of whom are ex officio Special Secretary to the Government of India. The Chairman and members of the CBDT are selected from the Indian Revenue Service ( IRS ), whose members constitute the top management of the IT Department. The Chairman and every member of CBDT are responsible for exercising supervisory control over definite areas of field offices of IT Department, known as Zones. Various functions and responsibilities of the CBDT are distributed amongst Chairman and six members, with only fundamental issues reserved for collective decision by the CBDT. The areas for collective decision by the CBDT include policy regarding discharge of statutory functions of the CBDT and of the Union Government under the various direct tax laws. They also include general policy relating to : Set up and structure of Income Tax Department ; Methods and procedures of work of the CBDT ; Measures for disposal of assessments, collection of taxes, prevention and detection of tax evasion and tax avoidance ; Recruitment, training and all other matters relating to service conditions and career prospects of all personnel of the Income - tax Department ; Laying down of targets and fixing of priorities for disposal of assessments and collection of taxes and other related matters ; Write off of tax demand exceeding Rs. 25 lakhs in each case ; Policy regarding grant of rewards and appreciation certificates. Any other matter, which the Chairman or any Member of the Board, with the approval of the Chairman, may refer for joint consideration of the Board. The powers of Tax Recovery Officers ( TROs ) were increased by Government of India in June 2016. Anti black money measures The Finance Ministry instructed all revenue intelligence agencies to join the crackdown on forex traders, hawala operators and jewellers besides tracking movement of demonetised currency notes. Income Tax departments raided various illegal tax - evasive businesses in Delhi, Mumbai, Chandigarh, Ludhiana and other cities that traded with demonetised currency. The Enforcement Directorate issued several FEMA notices to forex and gold traders. Large sum of cash in defunct notes were seized in different parts of the country. In Chhattisgarh liquid cash worth of ₹ 4.4 million ( US $66,000 ) was seized. In 2016, December the Income Tax department, received more than 4000 emails, on black money holders, in India, within 3 days, when Income Tax Department, issued in public notice an email to report black money Seizures of new Rs 2000 notes Huge amounts of cash in the form of new notes were seized all over the country after the demonetisation. In December 2016, over 4 crore in new Rs. 2000 notes were seized from four persons in Bangalore, Rs 33 lakh in Rs. 2000 notes were recovered from Manish Sharma, an expelled BJP leader in West Bengal, and Rs. 1.5 crore was seized in Goa. 900 notes of the new Rs. 2000 denomination were seized from a BJP leader in Tamil Nadu. Around Rs. 10 crore in new notes were seized in Chennai. As of 10 December, Rs. 242 crore in new notes had been seized. It was noted in the media that while people were dying in queues to obtain a few thousand rupees in cash, persons with the right connections were able to amass crores of rupees in new notes, thus rendering the demonetisation exercise futile. It was announced by the government that the seized notes will be brought into the mainstream as soon as possible to ease out the cash problem. See also Income Tax Department Karnataka & Goa Central Excise ( India ) Union budget of India Value - added taxation in India Tax law Special Economic Zone Domestic tariff area Service Tax References Jump up ^ `` Central govt to hire 2.8 lakh more staff, police, I-T & customs to get lion 's share - Times of India ''. Jump up ^ `` Question Bank ''. Incometaxindia.gov.in. 2009 - 03 - 31. Jump up ^ `` Home - Central Board of Direct Taxes, Government of India ''. www.incometaxindia.gov.in. Jump up ^ `` Union Budget 2012 : GAAR empowers I-T department to deny tax benefits to ' companies ' '', The Times Of India, 2012 - 03 - 16 Jump up ^ `` Information to be published under section 4 ( 1 ) ( b ) of the Right to Information Act, 2005 '' ( PDF ). Central Board of Direct Taxes, Government of India. 10 December 2014. This article incorporates text from this source, which is in the public domain. Jump up ^ `` Wilful defaulters : I-T dept to use powers to arrest, detain '', The Economic Times, 21 June 2016 ^ Jump up to : `` Enforcement Directorate issues FEMA notices to forex, gold traders ''. The Economic Times. Retrieved 16 November 2016. Jump up ^ Rai, Arpan ( 11 November 2016 ). `` Income tax dept conducts raids across India as illegal financial institutions crop up ; shops call it a day ''. India Today. Retrieved 12 November 2016. Jump up ^ `` Rs. 13.22 lakh in cash seized ''. The Hindu. 11 November 2016. Jump up ^ `` Rs 4 Crore - Worth Scrapped Notes Seized From Maharashtra Trader ''. Jump up ^ `` Rs 76 lakh cash seized from vehicle in Mandi -- Times of India ''. Jump up ^ `` Madhya Pradesh : Rs 4 crore - worth scrapped bank notes seized from trader ''. 12 November 2016. Jump up ^ `` Rs. 73 lakh cash seized from two cars near Nashik ''. Retrieved 2 December 2016. Jump up ^ `` Chhattisgarh : Cash worth Rs 44 lakhs in Rs 500, Rs 1000 notes seized from a man ''. Daily News & Analysis. 11 November 2016. Jump up ^ `` Black money, informers crosses 4000 ''. 20 December 2016. Jump up ^ `` Rs 111.3 crore and counting : Here is a conservative list of new cash seizures reported post-demonetisation ''. 10 December 2016. Jump up ^ `` I-T department seizes Rs 130 crore cash, jewellery post demonetisation ''. 6 December 2016. Jump up ^ `` New notes worth Rs 4.7 crore seized in I-T raids in Bengaluru - Times of India ''. Jump up ^ `` Bengaluru : In Indias biggest seizure since Nov 8, Rs 5.7 crore found - all in new Rs 2000 notes ''. Jump up ^ `` Bengaluru : Rs 2000 notes worth over Rs 4 crore seized by Income Tax dept ''. 1 December 2016. Jump up ^ `` After BJP leader Manish Kumar 's arrest, Babul Supriyo washes hands off all linkages, calls it ' wasted time ' ''. 7 December 2016. Jump up ^ Team, BS Web ( 7 December 2016 ). `` Several BJP men caught with crores ; Karnataka biggest hotspot for illegal cash transactions '' -- via Business Standard. Jump up ^ IANS. `` Demonetisation : Rs 1.5 crore in new Rs 2,000 notes seized in Goa, two held ''. Jump up ^ `` Over 900 new Rs 2000 notes seized from TN BJP leader who backed demonetisation ''. 2 December 2016. Jump up ^ `` Biggest seizure of Rs 142 cr cash, gold post demonetisation ''. Deccan Herald. ^ Jump up to : `` Cash crunch ? Rs 242 crore in new currency seized after demonetisation ''. 9 December 2016. Jump up ^ `` Over Rs 164 crore black money seized in new notes. Has note ban failed ? ''. Jump up ^ `` As India struggles for its next Rs 2,000, new currency seized across country can fill gunny bags ''. 9 December 2016. 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Question: who is the head of income tax department
Answer: Arun Jaitley, Finance Minister