Extension of timeline for filing of various reports of audit for the AY 2022-23

Introduction

The CBDT is also known as the Central Board of Direct Taxes. CBDT is the authority given the responsibility of the administration of laws that relates to direct taxes through the Income Tax Department. It is an essential input for policy and planning that is provided by the CBDT in India.

Historical Background of CBDT

The Central Board of Revenue is the highest Department of the body that came into existence as a result of the Central Board of Revenue Act of 1924. It is imposed with the administration of taxes. The Board was in charge of both direct taxes and indirect taxes. When the board has much more the Workload of the administration of taxes then it may divide into two parts which are namely, the Central Board of Direct Taxes and the Central Board of Excise and Customs which was effected on 01 January 1964. According to section 3 of the Central Board of Revenue Act, 1973, the CBDT board was divided into two boards which are brought about by Constitution.

Central Board of Direct Taxes 

The Central Board of Direct Taxes is a statutory body that is established under the Central Board of Revenue Act, 1963, and administered by the Revenue Department under the Ministry of Finance.

Originally, Board was called the Central Board of Revenue and it works as the apex body of the Income Tax Department. The CBDT board was set up under the Central Board of Revenue Act, 1924. It was in charge of both direct taxes and indirect taxes. The Central Board of Revenue was divided into two boards in 1964:

• Central Board of Direct Taxes

• Central Board of Excise and Customs

Extension of timeline for filing of various reports of audit for the Assessment Year 2022-23

Some taxpayers faced difficulties with consideration and other stakeholders in electronic filing of various audit reports under Income Tax Act, 1961, The Central Board of Direct Taxes who exercise the powers under any provisions for the Previous Year 2021-22, which was on 30th September 2022 to 07th October 2022 in the case of assesses referred in explanation 2 of section 139 (1) (a) of the Income Tax Act, 1961.

CBDT Structure

The Central Board of Direct Taxes consists of a Chairman and six other members that deal with the following matters:

• Income Tax & Revenue

• Administration

• Legislation 

• Audit and Judicial

• Investigation

• TPS & System

The CBDT members are selected from the Indian Revenue Service. The members constitute the top management of the department of Income Tax.

Functions of CBDT

There are many functions of CBDT but some are mentioned below:

• It deals with matters that relate to levying taxes and collecting Direct Taxes.

• Formulation of many policies.

• Supervision of the entire department of Income Tax 

• Suggests legislative changes in the enactments of Direct Taxes.

• Suggests changes in the rates of tax

• Proposes changes in the taxation structure with the Government policies.

Conclusion

It concluded that the CBDT is the authority given the responsibility of the administration of laws that relates to direct taxes through the Income Tax Department. It is an essential input for policy and planning that is provided by the CBDT in India. It was in charge of both direct taxes and indirect taxes. Some taxpayers faced difficulties with consideration and other stakeholders in electronic filing of various audit reports under Income Tax Act, 1961, The Central Board of Direct Taxes who exercise the powers under any provisions for the Previous Year 2021-22, which was on 30th September 2022 to 07th October 2022 in the case of assesses referred in explanation 2 of section 139 (1) (a) of the Income Tax Act, 1961.

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Author:

Radhika Punani
Ambala
I am Radhika from Ambala city. I qualified LLM from Kurukshetra University and B.A.LLB from Maharishi Markandeshwar University