What is CBDT in income tax?

What is the role of CBDT?

The Central Board of Direct Taxes (CBDT) is the authority vested with the responsibility of the administration of laws related to direct taxes through the Department of Income Tax. In India, necessary inputs for policy and planning is provided by the CBDT.

What is CBDT tax in bank statement?

The Central Board of Direct Taxes (CBDT) is responsible for administering various direct taxes through the Commissioners of Income-tax located in different parts of the country.

Who’s Who in CBDT?

Central Board of Direct Taxes

Designation Name Email ID
Member (Investigation) Shri Nitin Gupta member.inv@incometax.gov.in
Member (Legislation & Systems) Ms. Pragya Sahay Saksena member.l.cbdt@incometax.gov.in
Member (Tax Payers Services) Ms. Sangeeta Singh (Addl. Charge) member.tpss.cbdt@incometax.gov.in

Which is the highest post in income tax department?

Following is the list of ranks in the income tax department in India:

  • Principal Chief Commissioner of Income Tax or Principal Director General of Income Tax.
  • Chief Commissioner of Income Tax or Director General of Income Tax.
  • Principal Commissioner of Income Tax or ADG/Principal Director of Income Tax.

What are the powers of CBDT and assessment officer?

An Assessing Officer is an income tax officer who has the power to make an assessment of a taxpayer who is liable to tax under the Act. The Assessing Officer appointed by the Central Board of Direct Tax to your return may vary depending on the size of your income/nature of your business (CBDT or Board).

THIS IS IMPORTANT:  What is workers comp tax rate?

What is Cbdt approval?

The Central Board of Direct Taxes (CDBT) has come out with a specific format of application to grant the approval of a fund, trust, institution, university, any hospital or other medical institution under various provisions of section 10.

What is CBDT and CBEC?

Organisation and Functions

It exercises control in respect of matters relating to all the Direct and Indirect Union Taxes through two statutory Boards namely, the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC).

What is TCS tax with example?

Tax Collected at Source (TCS)

Nature of Goods Rate applicable from 01.04.2020 to 13.05.2020 Rate applicable from 14.05.2020 to 31.03.2021
A forest produce other than Tendu leaves and timber 2.5% 1.875%
Scrap 1% 0.75%
Minerals like lignite, coal and iron ore 1% 0.75%
Purchase of Motor vehicle exceeding Rs. 10 Lakhs 1% 0.75%

What is the full form of CBIC?

Central Board of Indirect Taxes & Customs (CBIC), Department of Revenue, Ministry of Finance is responsible for formulation of policy relating to levy and collection of Indirect taxes namely, Customs duty, Central Excise duty Central Goods and Service tax.

What is the full form of TDS?

Tax Deducted at Source (TDS)