The CBDT is a part of Department of Revenue in the Ministry of Finance. On one hand, CBDT provides essential inputs for policy and planning of direct taxes in India,at the same time it is also responsible for administration of direct tax laws through the Income Tax Department. The Central Board of Direct Taxes is a statutory authority functioning under the Central Board of Revenue Act, 1963. The officials of the Board in their ex-officio capacity also function as a Division of the Ministry dealing with matters relating to levy and collection of direct taxes.
The Central Board of Revenue as the Department apex body charged with the administration of taxes came into existence as a result of the Central Board of Revenue Act, 1924. Initially the Board was in charge of both direct and indirect taxes. However, when the administration of taxes became too unwieldy for one Board to handle, the Board was split up into two, namely the Central Board of Direct Taxes and Central Board of Excise and Customs with effect from 1.1.1964. This bifurcation was brought about by constitution of the two Boards u/s 3 of the Central Boards of Revenue Act, 1963.
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♣︎function of Central Board of Direct Taxes♣︎
Various functions and responsibilities of CBDT are distributed amongst Chairman and six Members, with only fundamental issues reserved for collective decision by CBDT. In addition, the Chairman and every Member of CBDT are responsible for exercising supervisory control over definite areas of field offices of Income Tax Department, known as Zone.
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powers:
The Central Board of Direct Taxes (CBDT) is a part of the Department of Revenue, Ministry of Finance. The CBDT provides inputs for the policy and planning of direct taxes in India and is also responsible for the administration of direct tax laws through the IT Department.
The Central Board of Direct Taxes (CBDT) is a statutory authority responsible for administering direct tax laws and ensuring their proper implementation in India. Its primary functions and powers include:
FUNCTIONS-:
1. policy Formulation:CBDT formulates policies and procedures concerning the levy and collection of direct taxes like income tax, corporate tax, etc.
2. Legislation Implementation:It ensures the proper implementation of direct tax laws and rules framed under the Income Tax Act.
3. Supervision and Control:CBDT supervises and controls the functioning of the Income Tax Department to ensure compliance with tax laws and fair administration.
4. Issuing Guidelines: It issues guidelines, circulars, and instructions for the proper administration of direct taxes, providing clarity on various tax-related matters.
5. Tax Collection and Assessment:CBDT oversees the collection of direct taxes through the Income Tax Department and assesses individuals and entities liable to pay taxes.
6. Dispute Resolution:It plays a role in dispute resolution, including hearing appeals and providing a platform for taxpayers to address grievances.
7. International Taxation:CBDT handles matters related to double taxation avoidance agreements (DTAA) and international taxation, ensuring consistency with global tax standards.
POWERS-:
Its powers are extensive, allowing it to issue notifications, exemptions, and clarifications, and to authorize tax raids and investigations in cases of suspected tax evasion. Overall, the CBDT plays a pivotal role in the administration and enforcement of direct tax laws in India.
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♣︎Central Board of Direct Taxes♣︎
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♣︎function of Central Board of Direct Taxes♣︎
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powers:
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Answer:
DEFINATION -:
The Central Board of Direct Taxes (CBDT) is a statutory authority responsible for administering direct tax laws and ensuring their proper implementation in India. Its primary functions and powers include:
FUNCTIONS -:
1. policy Formulation: CBDT formulates policies and procedures concerning the levy and collection of direct taxes like income tax, corporate tax, etc.
2. Legislation Implementation: It ensures the proper implementation of direct tax laws and rules framed under the Income Tax Act.
3. Supervision and Control: CBDT supervises and controls the functioning of the Income Tax Department to ensure compliance with tax laws and fair administration.
4. Issuing Guidelines: It issues guidelines, circulars, and instructions for the proper administration of direct taxes, providing clarity on various tax-related matters.
5. Tax Collection and Assessment: CBDT oversees the collection of direct taxes through the Income Tax Department and assesses individuals and entities liable to pay taxes.
6. Dispute Resolution: It plays a role in dispute resolution, including hearing appeals and providing a platform for taxpayers to address grievances.
7. International Taxation: CBDT handles matters related to double taxation avoidance agreements (DTAA) and international taxation, ensuring consistency with global tax standards.
POWERS -:
Its powers are extensive, allowing it to issue notifications, exemptions, and clarifications, and to authorize tax raids and investigations in cases of suspected tax evasion. Overall, the CBDT plays a pivotal role in the administration and enforcement of direct tax laws in India.