MANAGEMENT

Detailed explanation-1: -Internal Revenue Service or IRS is a United States Government agency which is responsible for collection of taxes and enforcement of tax laws like the wash sale rule. The primary purpose of this service is to collect individual and employment taxes.

Detailed explanation-2: -The Indian Revenue Service (IRS) is the largest Group A Central Service. It is one of the most important services since it is concerned with the collection of revenue in India.

Detailed explanation-3: -IRS officials’ primary responsibility is to collect taxes such as income tax, central excise tax, customs duty, and now service tax.

Detailed explanation-4: -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).