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The process of tax collection is mainly driven through the regime of voluntary compliance in which the tax payers have to pay their taxes as per the mandate of the law, following the procedure laid down including • mandatory filing of returns of income or other specified statements.
The Ministry of Finance (IAST: Vitta Maṃtrālaya) is a ministry within the Government of India concerned with the economy of India, serving as the Treasury of India.In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, currency regulation, banking service, centre and state finances, and the Union Budget.
The Securities and Exchange Board of India (SEBI) was first established in 1988 as a non-statutory body for regulating the securities market.Before it came into existence, the Controller of Capital Issues was the market's regulatory authority, and derived power from the Capital Issues (Control) Act, 1947. [6]
The Public Debt Act, 1944 was an act of the Parliament of India which provided a legal framework for the issuance and servicing of government securities in India. It was considered outdated, and the Government Securities Act, 2006 was introduced to replace it. [2]
The Income Tax Service, Group 'B' (Hindi: आयकर सेवा, ग्रुप 'बी') is the revenue service of the Government of India. It is the feeder service of the premier and elite Indian Revenue Service .
Reserve Bank of India (RBI): RBI is the central bank of India and regulates the overall banking sector in the country, including commercial banks, cooperative banks, and development banks. [ 59 ] Securities and Exchange Board of India (SEBI): SEBI is responsible for regulating the securities market in India, including stock exchanges , brokers ...
After training, the Officer Trainees are posted as Assistant Accountant Generals and Assistant Directors at Junior Grade Group A and later promoted to Deputy Accountants General (DAsG) or Deputy Directors (DDs), which is a senior time scale. Subsequent to their promotion, they become Senior Deputy Accountants General (Sr.DAsG) or Directors.
All India Financial Institutions (AIFI) is a group composed of financial regulatory bodies that play a pivotal role in the financial markets.Also known as "financial instruments", the financial institutions assist in the proper allocation of resources, sourcing from businesses that have a surplus and distributing to others who have deficits - this also assists with ensuring the continued ...