Source: DD News
Context: The Central Board of Direct Taxes (CBDT) launched an aggressive strategy to recover Rs. 2.4 lakh crore of undisclosed income through intensified searches, raids, and data-driven actions.
About Central Board of Direct Taxes (CBDT):
- What is CBDT?
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- The Central Board of Direct Taxes (CBDT) is a statutory authority responsible for administering direct tax laws in India.
- It functions under the Department of Revenue, Ministry of Finance.
- Established in: 1964
- Formed under: The Central Board of Revenue Act, 1963, after the bifurcation of the Central Board of Revenue (1924).
- Ministry: Ministry of Finance, Government of India.
- Objectives:
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- Formulate policies for direct tax administration.
- Ensure effective enforcement and compliance of tax laws.
- Widen and deepen the tax base to promote fiscal stability.
- Promote transparency, voluntary compliance, and fight tax evasion.
- Members: The CBDT is composed of one Chairperson and 6 Members.
- Functions:
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- Policy Making: Formulates and administers policies relating to direct taxes like income tax, corporate tax, and wealth tax (now abolished).
- Supervision: Oversees the functioning of the Income Tax Department.
- Investigation: Conducts searches, raids, and assessments to curb tax evasion and black money.
- International Cooperation: Facilitates tax treaties, international information exchange, and global tax compliance efforts.
- Taxpayer Services: Ensures ease of compliance through grievance redressal, e-filing platforms, and awareness initiatives.
- Legislative Initiatives: Drafts and reviews amendments to tax laws and regulations.
