Economics
Context: CBDT notifies Income-tax Return Forms for assessment year 2023-24
Central Board of Direct Taxes (CBDT):
- It is a statutory body established as per the Central Board of Revenue Act, 1963.
- It is India’s official financial action task force unit.
- It is administered by the Department of Revenue under the Ministry of Finance.
- At present, the CBDT has six members
- Ex-officio members of the Board also function as a division of the Ministry of Finance
Functions of the CBDT:
- Oversight of the Internal Revenue Service as a whole.
- Suggestions for the tax rates to be changed.
- In accordance with government policies, planning changes to the taxes structure of India.
- It is proposed that direct tax legislation be amended.
- It is in charge of the collection and levying of direct taxes.
Income Tax Return:
- Income Tax Returns, often known as ITRs, are forms used to declare net tax liabilities, claim tax deductions, and report gross taxable income. Individuals who make a specific amount of money are required to file IT returns.
- Income Tax Return Forms are notified by CBDT
Source: All India Radio
Previous Year Questions
Q.1) Consider the following statements:
- Tight monetary policy of US Federal Reserve could lead to capital flight.
- Capital flight may increase the interest cost of firms with existing External Commercial Borrowings (ECBs).
- Devaluation of domestic currency decreases the currency risk associated with ECBS.
Which of the statements given above are correct? (2022)
- 1 and 2 only
- 2 and 3 only
- 1 and 3 only
- 1, 2 and 3
Q.2) With reference to the ‘Banks Board Bureau (BBB)’, which of the following statements are correct? (2022)
- The Governor of RBI is the Chairman of BBB.
- BBB recommends for the selection of heads for Public Sector Banks.
- BBB helps the Public Sector Banks in developing strategies and capital raising plans.
Select the correct answer using the code given below:
- 1 and 2 only
- 2 and 3 only
- 1 and 3 only
- 1, 2 and 3
