Business Standard - Gross direct tax collections grew 24 per cent to Rs 15.67 trillion so far this fiscal, the finance ministry said on Saturday. After adjusting for refunds, the net direct tax collection stood at Rs 12.98 trillion, a growth of 18.40 per cent. The net collections are about 79 per cent of Revised Estimates (RE) of direct tax collection for current fiscal, the CBDT said. Read more
The Central Board of Direct Taxes is statutory authority functioning under the Central Board of Revenue Act, 1963. The officials of the board in their ex-officio capacity also function as a Division of the Ministry dealing with matters relating to levy and collection of direct taxes.
The CBDT is the authority vested with the responsibility of administration of laws related to direct taxes through the Department of Income Tax.
Composition - The Central Board of Direct Taxes consists of a Chairman and following six members:
Chairman
Member (Income Tax and Revenue)
Member (Legislation and computerization)
Member (Revenue)
Member (Investigation)
Member (Personnel and Vigilance)
Member (Audit and Judicial)
Functions of CBDT:
It deals with matters related to levying and collecting direct taxes.
Formulation of various policies.
Supervision of the entire Income Tax Department.
Suggests legislative changes in the Direct Tax Enactments.
Suggest changes in tax rates.
Proposes changes in the taxation structure in line with the government policy.
What is direct tax and indirect tax?
Direct taxes are taxes that are directly paid to the government by the taxpayer.
Indirect taxes are applied to the manufacturer or sale of goods and services. These are initially paid to the government by an intermediary, when who then adds the amount of the tax paid to the value of the goods/ services and passes on a total amount the end-user.
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