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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.
Income-tax law consists of the 1961 act, Income Tax Rules 1962, Notifications and Circulars issued by the Central Board of Direct Taxes (CBDT), annual Finance Acts, and judicial pronouncements by the Supreme and high courts.
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) .
Tax credits and deductions were already confusing many of us before all of this year's substantial changes. Good Question: What Is the Standard Deduction for People Over 65 in 2023? FICO Fix: 3...
Here are the standard deductions for the 2022 and 2023 tax years: Single: $12,950 for 2022, $13,850 for 2023. Married, filing jointly: $25,900 for 2022, $27,700 for 2023.
The standard deduction is a fixed deduction that varies depending on your filing status, age and dependent status. This year, the standard deduction is $12,950 for those filing single or married ...
A certificate in Form No. 16C shall be issued by the deductor within 15 days from the due date of furnishing challan-cum-statement in Form No. 26QC. There is no requirement to apply or obtain Tax Deduction or Collection Account Number (TAN) for deducting tax under this section. Hence, a deductor can use his PAN in place of TAN. 3.
For tax year 2023, the additional standard deduction amounts for taxpayers who are 65 and older OR blind are: $1,850 for single or head of household. $1,500 for married taxpayers (per qualifying ...