Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
ITD and ITSC are different in respect of their functions. ITSC comes under the ITD, but it works independently from ITD.
In the article, we will discuss the difference between ITD and ITSC. The ITD and ITSC are different from each other in respect of their functions, features, and procedures.
Table of Contents
In the next segment we will learn about the ITD and ITSC in detail; its definition, objective, features.
ITD is Income Tax Department is a government agency mostly responsible to monitor the income tax collection in India. The inflow of various taxes is taken care by ITD & their subsequent collection on behalf of Government of India. The ITD comes under the Department of Revenue of the Ministry of Finance.
ITD is being controlled by CBDT (Central Board of Direct Taxes) and is responsible for managing Direct taxes under the ITD. It is a government body headed by the Chairman & comprises of 6 members (ex-officio members Special Secretary of Government).
The aim of ITD (Income Tax Department) is to partner the nation building through progressive tax policy, effective tax administration and improved compliance.
ITSC stands for Income Tax Settlement Commission. It is a quasi judicial body set up under the Income Tax Act, 1961[1]. The primary purpose of ITSC is to resolve the tax liabilities in complicated cases and to avoid endless & prolonged litigation.
A taxpayer can come to ITSC during the pendency of the assessment proceedings, subject to certain conditions. In order to make an application to ITSC, the tax & interest on additional income disclosed before the ITSC has to be paid. The order passed by the ITSC is binding and no appeal can be made to any authority against that order.
ITSC was established in the year 1976 to settle the disputes related to income tax, on the advice of Direct Tax Enquiry Committee lead by Shri K.N. Wanchoo, former Chief Justice of India. The motive behind the committee is to provide a machinery to resolve the tax related disputes and a speedy settlement of disputes.
The ITD and ITSC are different from each other in respect of their functions, features, and procedures. The following are the features of ITSC:
The primary objective of ITSC is to provide an opportunity to the errant taxpayers to approach the commission in case of a dispute.
The other objectives are:
The procedure is:
ITD is Income Tax Department is a government agency mostly responsible to monitor the income tax collection in India. It takes care of the inflow of various taxes & their subsequent collection on behalf of Government of India.
ITSC is Income Tax Settlement Commission setup under the Income Tax Act, to resolve the tax liabilities in complicated cases and to avoid endless & prolonged litigation.
Therefore, ITD and ITSC are different in respect of their functions. ITSC comes under the ITD but it works independently from ITD. ITSC is a settlement commission setup specifically to resolve the tax liabilities in complicated cases and to avoid endless & prolonged litigation.
Read our article: How to manage Income Tax notices?
Financial management is critical in the dynamic world of construction, where projects differ in...
SEBI issued guidelines regarding the utilization of e-KYC Aadhar Authentication Services in the...
An audit of a charitable trust can be both Voluntary or Compulsory and compulsory, depending on...
The Securities and Exchange Board of India (SEBI) issued a circular to amend the requirements f...
With the interest of the investors in the security markets, an authorized government on 20th Ma...
Are you human?: 8 + 9 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
India being a member of OECD and BEPS, introduced section 286 in Income tax Act, 1961 to make mandatory for the com...
17 Dec, 2021
Section 80C is a primary choice for Tax Saving for most taxpayers as it allows deductions up to Rs 1.5 lakhs per an...
05 Sep, 2019
Chat on Whatsapp
Hey I'm Suman. Let's Talk!