Question

What is the power given in Section 6 of NIRC?

1) Power to make assessments
2) Power to prescribe additional requirements for tax administration and enforcement
3) Power to conduct investigations
4) Power to issue tax refunds

Answer 1

Section 6 of the NIRC grants powers such as making assessments, prescribing requirements for tax administration, conducting investigations, and issuing tax refunds.

Step-by-step explanation:

Section 6 of the National Internal Revenue Code (NIRC) grants several powers to the government. The powers given in Section 6 include:

1. Power to make assessments: This refers to the authority to determine the amount of tax liability of a taxpayer.
2. Power to prescribe additional requirements for tax administration and enforcement: This allows the government to establish rules and regulations to ensure efficient tax administration and enforcement.
3. Power to conduct investigations: This empowers the government to investigate possible violations of tax laws.
4. Power to issue tax refunds: This power enables the government to refund excess or wrongly paid taxes to taxpayers.