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The Central Board of Direct Taxes (CBDT) is a statutory body under the Department of Revenue, Ministry of Finance, Government of India. It oversees the administration of direct taxes, including income tax and corporate tax, through the Income Tax Department. The CBDT was constituted in 1964 under the Central Board of Revenue Act, 1963.
The Investigation Division of the CBDT, abbreviated as Inv-CBDT, is the revenue enforcement agency of the Central Board of Direct Taxes, Government of India.It functions under the Department of Revenue in the Union Ministry of Finance and is concerned with the collection and administration of, as well as enforcement and prosecution of cases related to, the various direct taxes accruing to the ...
Under normal income tax act, taxpayers are subject to deduction but while computing for such undisclosed foreign assets and income no such deductions will be applicable. [7] While computing, if the assets/income are movable then value computed will be used to calculate the tax but if it is taxed prior then that value would be subtracted from ...
10% 194LA: Compensation on acquisition of certain immovable property ₹250,000: 10% 194LB: Interest paid by Infrastructure Development Fund under section 10(47) to non-resident or foreign company – 5% 194LC: Interest paid by Indian company or business trust on money borrowed in foreign currency under a loan agreement or long-term bonds – 5 ...
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 CBDT is a statutory authority functioning under the Central Board of Revenue Act, 1963.
Direct tax in the form of an income tax was introduced by the British in India in 1860 to overcome the difficulties created by the Indian Rebellion of 1857. [5] The organizational history of the Income-tax Department, however, starts in the year 1922, when the Income-tax Act, 1922 gave, for the first time, a specific nomenclature to various Income-tax authorities.
The Chairperson, Central Board of Direct Taxes (CBDT) is the senior-most IRS (IT) civil servant in the Government of India. The Chairperson of Central Board of Direct Taxes (CBDT) is the Special Secretary to the Government of India and also cadre controlling authority of the Indian Revenue Service (Income Tax) .
Zero coupon bonds have a duration equal to the bond's time to maturity, which makes them sensitive to any changes in the interest rates. Investment banks or dealers may separate coupons from the principal of coupon bonds, which is known as the residue, so that different investors may receive the principal and each of the coupon payments.