The Central Board of Direct Taxes (CBDT) has decided to expand the terms of reference for the committee that has been formed to re-write the Direct Tax Code(DTC).
The committee will now have to consider five more areas while drafting their recommendation making the total terms of reference nine.
The existing terms of reference included drafting a direct tax law in line with the norms prevalent in other countries,incorporating international best practices and keeping in mind the economic needs of the country.
The new additions include the creation of a faceless and anonymised verification and scrutiny system and the sharing of information between GST, Customs,CBDT and the Financial Intelligence Unit.
Further,the other terms of reference added includes setting up a mechanism for cross-verification of financial transactions and reduction in tax-related litigation.
Direct taxes are levied on a person’s or a firm’s income or wealth.The incidence and impact of the direct tax fall on the same person.Example: Income Tax,Corporation Tax,capital gains tax and Wealth Tax.The impact of direct tax is not Inflationary.
Central Board of Direct Taxes(CBDT) is a statutory authority on direct taxes.It functions under the Central Board of Revenue Act,1963.It is a part of the Department of Revenue in the Ministry of Finance.
CBDT provides inputs for policy and planning of direct taxes in India and is also responsible for the administration of direct tax laws through the Income Tax Department.
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