BANKING AFFAIRS

Detailed explanation-1: -The Central Board of Revenue as the apex body of the Department, charged with the administration of taxes, came into existence as a result of the Central Board of Revenue Act, 1924. Initially the Board was in charge of both direct and indirect taxes.

Detailed explanation-2: -The Central Board of Revenue as the Department apex body charged with the administration of taxes came into existence as a result of the Central Board of Revenue Act, 1924.

Detailed explanation-3: -The Central Board of Direct Taxes (CBDT) is responsible for administering various direct taxes through the Commissioners of Income-tax located in different parts of the country. The Commissioners of Income-tax are entrusted with the task of collection as well as refund of Income-tax and Corporation Tax, etc.

Detailed explanation-4: -In India, direct taxes are regulated by the Income Tax Department under the Central government. The department falls under the Finance Ministry’s Department of Revenue, and is responsible for the collection of income tax across the country.