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CBDT REVISING RETURN FORMS

Why in news?

In order to enable income taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to Covid-19 pandemic situations, the CBDT is revising the return forms for FY 2019-20 (Assessment Year 2020-21).

CBDT

  • The Central Board of Direct Taxes (CBDT) is a Statutory Body functioning under the Central Board of Revenue Act, 1963.
  • It is official Financial action task force unit.
  • CBDT is a part of the Department of Revenue in the Ministry of Finance, Government of India.

Functions of CBDT:

  • CBDT is responsible for administration of the direct tax laws through Income Tax Department.
  • 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.
  • CBDT provides essential inputs for policy and planning of direct taxes in India as well.

Composition of CBDT

  • The CBDT Chairman and Members of CBDT are selected from Indian Revenue Service (IRS), a premier civil service of India, whose members constitute the top management of Income Tax Department.
  • 7 Members are:  The Chairman, Member (Income-tax), Member (Legislation & Computerisation), Member (Personnel & Vigilance), Member (Investigation), Member (Revenue), Member (Audit & Judicial)
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October 2022
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