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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.
There was no change in the timeline for tax payment; however, if the deposit of Advance Tax is delayed, a reduced interest rate of 9 percent per annum, or 0.75 percent per month, [18] will be applicable instead of the current rate of 12 percent per annum, or 1 percent, for payment of all taxes falling between 20 March 2020 and 30 June 2020.
Direct tax in the form of an income tax was introduced by Sir James Wilson in India in 1860 to overcome the difficulties created by the Indian Rebellion of 1857. [12] The organisational history of the Income-tax Department, however, starts in the year 1922, when the Income-tax Act [4], 1922 gave, for the first time, a specific nomenclature to various Income-tax authorities.
The CBDT is headed by a chairman and also comprises six members, all of whom are ex officio special secretaries to the government of India. The chairman and members of the CBDT are selected from the Indian Revenue Service (IRS), whose members constitute the top management of the IT Department. The chairman and every member of CBDT are ...
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) .
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.
Pramod Chandra Mody was born on 1 September 1959 in Mumbai India. He completed his B.A degree from St Stephen's College, Delhi affiliated with Delhi University and his LLB degree from Government Law College, Mumbai and has a Diploma in Journalism from KC College of Journalism Mumbai.
On 22 November 2017, the government formed a task force to draft a new direct tax law, replacing the existing Income Tax Act, which has been in effect since 1961. Arbind Modi, a member of the Central Board of Direct Taxes (CBDT), will lead the six-member panel, with Chief Economic Advisor Arvind Subramanian serving as a permanent special ...