Contents:
Policy regarding discharge of statutory functions of the CBDT and of the Union Government under the various direct tax laws. All matters relating to tax planning and legislation relating to direct taxes referred to Chairman by Member . The Central Board of Direct Taxes , the policy-making body of the Income Tax Department had been running e-assessment as a pilot project in few major cities before expanding it pan-India. The initiative was launched to reduce visits by taxpayers to income tax offices and their interface with the taxmen, thereby bringing anonymity in proceedings. Now, tax notices will be issued by a centralised e-assessment centre requiring taxpayers to reply only through digital mode. Through mobile app, real-time alerts would be sent to assessees updating about progress in the case.
Supervision and control over the work of all DGIT , all Chief Commissioners of Income Tax and DGIT (I&CI). Supervision and control over the work of Chief Engineers . All matters relating to Interest Tax Act, 1974, Compulsory Deposit Act, 1974. All matters relating to Central and Regional Direct Taxes Advisory Committees and Consultative https://1investing.in/ Committee of the Parliament. Any other matter which the Chairman or any Member of the Board, with the approval of the Chairman, may refer for joint consideration of the Board. The CBDT, having considered the concerns of the people, hereby clarifies that section 194N inserted in the Act, is to come into effect from 1st September, 2019.
Angel tax exemption extended to issue of shares to all sub-categories of Category-I AIFs
The said Act vested for the first time legislative power in a single authority, namely the Governor General in Council. By virtue of this authority and the authority vested under him under section 22 of the Indian Councils Act 1861 the Governor General in Council enacted laws for the country from 1834 to 1920. After the commencement of the Government of India Act 1919 the legislative power was exercised by the Indian Legislature constituted thereunder. The Government of India Act 1919 was followed by the Government of India Act 1935. With the passing of the Indian Independence Act 1947 India became a ‘dominion’ and the ‘dominion legislature’ made laws from 1947 to 1949 under the provisions of section 100 of the Government of India Act 1935 as adapted by the India Order 1947. When the Constitution of India came into force on 26 January 1950, the legislative power thereafter got vested in the Parliament of India.
The Ministry of Finance’s Department of Revenue oversees both boards. The CBDT’s Chairman and Members are recruited from India’s flagship civil service, the Indian Revenue Service , whose members make up the department’s top management. Appointment of Judicial Commissioners and Judicial officers in Union Territories. The budget allocated to each of its agency, indicating the particulars of all plans, proposed expenditures and reports on disbursements made. The Department’s mission is to promote compliance with Direct Tax Laws through quality taxpayer service encouraging voluntary compliance and firm administration. Resolving day-to-day problems of officers/officials in implementation of the computerisation programme.
Subsequently, in July 2019, the Finance (No.2) Act, 2019 introduced several measures to ease the tax burden in the hands of start-ups and their promoters. Thereafter, as promised by the Finance Minister in Budget Speech on 5 July 2019, the CBDT laid down a specific administrative the cbdt is a statutory authority functioning under the mechanism for pending assessments of start-ups involving angel tax and other issues. Adhering to the promise of the Finance Minister, the CBDT has taken a proactive measure to clear the air on the outcome of assessment proceedings of start-up companies.
What is “angel tax”?
The directorate also monitors the performance of the field offices vis-a-vis the quarterly targets set for them. The officials of the CBDT also function in an ex-officio capacity as part of the Finance Ministry and deal with matters relating to levy and collection of direct taxes. The Income Tax Department (also referred to as IT Department; abbreviated as ITD) is a government agency undertaking direct tax collection of the government of India. It functions under the Department of Revenue of the Ministry of Finance.
All matters of MAP & bilateral APA relating to countries as per 1 above. All matters related to Unilateral APAs in respect of cases whose name commences with alphabets L to Z. Providing inputs on Policy issues relating to above.
Advice to Ministries on legal matters including interpretation of the Constitution and the laws, conveyancing and engagement of counsel to appear on behalf of the Union of India in the High Courts and subordinate courts where the Union of India is a party. The monthly remuneration received by each of its officers and employees, including the system of compensation as provided in its regulations. Representative of trade and professional associations are also nominated to these committees. The term of these Committees is two years from the date of their constitution.
Mission Central Board of Direct Taxes
All matters related to Dispute Resolution Panels. Coordination with OECD on issues relating to Global Relations Training Programme, Working Party 2. All matters relating to United Nations, SAARC and G-24. All matters relating to Multilateral Convention to implement Tax Treaty related measures to prevent Base Erosion & Profit Shifting . All matters relating to Mutual Agreement Procedure and Bilateral Advance Pricing Agreements in respect of countries mentioned in S.No.1.
- In 1956, Mr. Nicholas Kaldor was given the responsibility of investigating the Indian tax system in light of the revenue requirement of the second five-year plan (1956–1961).
- Changing of headquarters of any officer upto the level of DCIT under intimation to the cadre controlling CCIT.
- The above may be brought to the notice of all concerned for necessary compliance.
- In India, the CBDT provides the required policy and planning inputs.
He obtains reports from the Directors of Income Tax concerned and takes further necessary action including communication of adverse remarks. The Headquarters office of the DGIT(Admn.) would deal with the representations against adverse remarks and submit the relevant file to the DGIT(Admn.) through the DIT concerned. The DIT concerned is required to forward two copies of the duly completed annual confidential reports of all the officers working under him to the DGIT(Admn.), who, after keeping one copy for his record, passes on the other copy to the Board. Various functions and responsibilities of CBDT are distributed amongst Chairman and six Members, with only fundamental issues reserved for collective decision by CBDT.
The areas for collective decision by the CBDT include policy regarding discharge of statutory functions of the CBDT and of the Union Government under the various direct tax laws. 10. The officials of the board function as a Division of the Ministry dealing with matters relating to levy and collection of direct taxes. As per section 279 of the Act, the sanctioning authority for offences under Chapter XXII is the Principal Commissioner or Commissioner or Commissioner or the appropriate authority. For proper examination of facts and circumstances of a case, and to ensure that only deserving cases below the threshold limit as prescribed in Annexure get selected for filing of prosecution complaint. Such sanctioning authority shall seek the prior administrative approval of a collegium of two CCIT/DGIT rank officers, including the CCIT/DGIT in whose j urisdiction the case lies.
Mr Gupta is an Indian Revenue Service officer of the 1986 batch of the Income Tax cadre and is currently serving as the Member in CBDT. CBDT is headed by a Chairman and followed bysix Members of various departments. Contracts, but not including those relating to agricultural land. Marriage and divorce; infants and minors; adoption, wills; intestate and succession; joint family and partition.
Cases in respect of which specific information pointing out tax-evasion for the relevant year is given by any law- enforcement /intelligence/regulatory authority or agency . However, before selecting a return for scrutiny under this criterion, Assessing Officer shall take prior administrative approval from jurisdictional Pr. CIT/Pr.DIT/CIT/DIT concerned. There are separate chapters on ‘Internal Audit’ and ‘Revenue Audit’ in volume-III of this Manual which detail the role and functions of officers at various levels in relation to audit works of the department. Design and conduct of specialized courses abroad on direct taxes for developing countries.
Recent law enforcement actions by ITD
The CBDT is empowered to issue directions and orders from time to time by way of relaxation of any of the provisions of various specified sections of the Income-tax Act. The 1922 act was amended not less than twenty nine times between 1939 and 1956. A tax on capital gains was imposed for the first time in 1946, although the concept of ‘capital gains’ has been amended many times by later amendments. In 1956, Mr. Nicholas Kaldor was given the responsibility of investigating the Indian tax system in light of the revenue requirement of the second five-year plan (1956–1961).
Reviewing and monitoring the impact of new provisions of law granting reliefs and their implementation/administration by the field officers for the purpose of plugging any loopholes pointed out by the field formations. Through Computer Aided Scrutiny Selection , cases are being selected in two categories viz. Limited Scrutiny & Complete Scrutiny in a centralized manner under CASS-2019. CASS is a system-based method for scrutiny selection which identifies the cases through data-analytics and three-hundred sixty degree data profiling of taxpayers and in a non -discretionary manner. The list of these cases is being/has been separately intimated by the Principal DGIT to the Jurisdictional authorities concerned for further necessary action. In respect of cases selected under CASS cycle 2019, the following guidelines are specified.
All legislative matters relating to the Benami Transactions Act, 1988 and/or the Prohibition of Benami Property Transactions Act, 1988. All other Miscellaneous matters relating to Wealth Tax/Expenditure Tax Acts. Parliament Questions and PAC and Internal Audit matters relating to Wealth-Tax/Expenditure Tax Acts.