ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The Internal Revenue Service or IRS was founded in the year 1862 by the United States President, Abraham Lincoln. It is a U.S federal agency which is responsible for the collection of taxes and enforcement of tax laws in the United States.

Detailed explanation-2: -The Internal Revenue Service (IRS) administers and enforces U.S. federal tax laws.

Detailed explanation-3: -The Law: There is a host of constitutional and statutory authority establishing that the Internal Revenue Service is an agency of the United States.

Detailed explanation-4: -The Indian Revenue Service (Income Tax) (IAST: Bhāratīya Rājasva Sevā), often abbreviated as IRS (IT), is the administrative revenue service of the Government of India.

Detailed explanation-5: -Tax administration In the field, levying and collecting taxes is the chief function of an IRS officer. An important function is to ensure that wilful tax evaders are brought to book and the collection of revenue is complete and regular.