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).
- 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)