CBDT Abbreviation

Looking for CBDT abbreviation? We have got you covered in this guide. We have listed down different possible abbreviations of CBDT in various groups like Indian Ministry of Finance.

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Popular abbreviations of CBDT:

Searching for CBDT abbreviation / CBDT full form leads to different results in different categories. The below table illustrates the popular acronyms among them.

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What does CBDT mean?

CBDT or the Central Board of Direct Taxes is the Ministry of Finance division that reports to the Department of Revenue.The responsibilities of CBDT encompass policy formation, addressing issues connected to that levy and collection of direct taxes, and supervising the total Income Tax Department’s operations.

Structure and Responsibilities of CBDT

Under the Central Board of Revenue Act of 1963, a statutory body has been established which is known as the Central Board of Direct Taxes. Given its status as ex-officio members of the Board, they also serve as a department under the Ministry responsible for the imposition of direct taxes.

Historical Background of C.B.D.T

The Central Board of Revenue Act of 1924 established the Central Board of Revenue as the Department’s apex authority, entrusted with the administration of taxation. The Board originally had jurisdiction around both direct and indirect taxes.

Having effect from 1.1.1964, this Board had been split into different organizations, the Central Board of Direct Taxes and the Central Board of Excise and Customs, since the management of taxes grew too cumbersome for one organization to administer. The formation of two separate Boards u/s 3 of the Central Board of Revenue Act, 1963, resulted in such a split.

Composition and Functions of CBDT

The Chairman and the remaining six officials make up the Central Board of Direct Taxes:

• Chairman
• Administrative Member
• Audit & Judicial Member
• Income Tax & Revenue Member
• Investigation Member
• Legislation Member
• TPS & system Member

The CBDT is aided in carrying out its tasks by a multitude of affiliated departments known as the Directorates who undertake a variety of functions at the national level.