ENTREPRENEURIAL PLANNING
FINANCIAL PLANNING AND ANALYSIS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Internal Revenue Service
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Federal Bureau of Investigation
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Either A or B
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None of the above
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Detailed explanation-1: -The Internal Revenue Service (IRS) is a government agency that administers tax laws and collects federal taxes from U.S. individual and corporate taxpayers.
Detailed explanation-2: -The Income Tax Department (also referred to as IT Department; abbreviated as ITD) is a government agency undertaking direct tax collection of the government of India.
Detailed explanation-3: -The IRS comprises two branches, Indian Revenue Service (Income Tax) and Indian Revenue Service (Custom & Indirect Taxes), controlled by two separate statutory bodies, the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC).
Detailed explanation-4: -IRS Full Form is Indian Revenue Service, and IAS Full Form is Indian Administrative Service. The social prestige of an IAS officer is more than that of an IRS officer. The IAS officer is the administrative head of almost all departments in the state and central government.