CURRENT AFFAIRS

Detailed explanation-1: -provides essential inputs for policy and planning of direct taxes in India, at same time it is also responsible for administration of direct tax laws through the Income Tax Department. The Central Board of Direct Taxes is a statutory authority functioning under the Central Board of Revenue Act, 1963.

Detailed explanation-2: -Direct Taxes Advisory Committee set up - Direct Taxes Administrative Enquiry Committee constituted. Income-tax Act, 1961 came into existence w.e.f. 1-4-1962.

Detailed explanation-3: -Tax Reform Committee The Government of India set up a high-powered committee in August 1991, under the chairmanship of Dr Raja J Chelliah. The committee made recommendations for a comprehensive reform of the system of central taxes. Tax Reform Committee is also known as the Raja Chelliah Committee.

Detailed explanation-4: -The Committee recommended for the establishment of Income-Tax Settlement Commission, to serve as an alternative dispute resolution body in the administration of fiscal laws, the primary objective of which was to increase the realisation of revenue.