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What Is the Importance Of CBDT?
Posted on Monday, August 21st, 2023 | By IndusInd Bank
The importance of CBDT lies in ensuring effective tax collection and maintaining tax compliance for the country’s economic growth and development.
Taxation is an essential aspect of every nation’s economic structure. It is a crucial source for the government to fund public services, infrastructure development, and social welfare programmes. The Central Board of Direct Taxes (CBDT) plays a pivotal role in managing direct taxes and ensuring efficient tax administration. It is a statutory organisation that functions as a division within the Ministry of Finance under the Department of Revenue. The primary role of CBDT entails formulating policies concerning the assessment and collection of direct taxes and supervising the functioning of the entire Income Tax Department.
This blog-post will further explore the structure and vital importance of CBDT in facilitating effective tax administration.
Structure Of the Central Board of Direct Taxes
The CBDT is led by a Chairman and consists of six members who are ex-officio Special Secretary to the Government of India:
- Chairman
- Member (Income Tax)
- Member (Legislation & Computerisation)
- Member (Revenue)
- Member (Personnel & Vigilance)
- Member (Investigation)
- Member (Audit & Judicial)
Functions Of the Central Board of Direct Taxes
Here are some of the key functions of the CBDT:
| Policy Creation | Formulates policies and guidelines for administering direct taxes in India. |
| Tax Legislation | Drafts and amends tax laws, such as the Income Tax Act. |
| Taxpayer Services | Provides taxpayer services to enhance compliance, facilitate tax return filing, and address taxpayer grievances. |
| Evaluation and Auditing | Oversees income assessment and tax audits for accurate income tax reporting. |
| Tax Collection and Recovery | Monitors tax collection and recovery activities for efficient collection of direct taxes. |
| Tax Investigation and Enforcement | Conducts tax investigations and enforcement to combat tax evasion, fraud, and non-compliance with tax laws. |
| International Taxation | Deals with international tax matters, including cross-border transactions, double taxation agreements, and transfer pricing. |
| Legal and Judicial Affairs | Handles tax-related legal matters and represents the Income Tax Department in tax-related judicial proceedings. |
| Digitisation and Technological Advancements | Leverages technology for effective tax administration, including implementing digital platforms and systems. |
| Policy Evaluation and Research | Conducts policy analysis, research, and studies to improve the tax system. |
How Can You Pay Direct Taxes Through an IndusInd Bank Account?
IndusInd Bank is now integrated with the lncome Tax Department’s ‘TIN 2.0’ platform. Tax Payer can now pay their Direct Taxes in a fast, seamless and convenient manner through the Bank’s Retail or Corporate Net Banking platform or at any IndusInd Bank branch using Cash, Cheque or Demand Draft.
For payment of Direct tax,
- Tax payer need to visit the Income Tax portal and log in with his/her user credentials
- Income Tax portal also has a pre-login section which can be accessed by tax payer by entering their PAN/TAN along with Mobile Number and OTP. However, through this section, only selected types of Direct Tax transactions can be initiated
- Post successful login, Tax payer will select e-Pay Tax under the e-File menu and click on the new payment tab
- Tax payer will select the Category of payment which he/she wants to pay, select Assessment Year and Type of Payment (Minor Head) and enter the Tax amount breakup as per his/her payment liability
- Tax payer will then need to select the mode of payment in which he/she wants to pay tax liability and generate the challan
- Once challan is generated, the Tax payer can pay the Directtax through the following modes offered by IndusInd Bank:
- Internet Banking – Retail Channel (IndusNet)
- Internet Banking – Corporate Channel (IndusDIRECT)
- Pay at Bank Counter – pay at all IndusInd Bank branches
What are the Ways to Make Tax Payments Via IndusInd Bank?
- Internet Banking – Retail Channel (IndusNet)
- Internet Banking – Corporate Channel (IndusDIRECT)
- Pay at Bank Counter – Payments can be made at all IndusInd Bank branches using cash, cheque, or demand draft of any bank
Steps To Download Challan from Income Tax E-Filing Portal
Follow these steps to download a challan from the Income Tax e-filing portal:
Step 1: Access the Income Tax e-filing portal by logging in using your PAN/TAN and password.
Step 2: Navigate to the “e-File” menu and select “e-Pay Tax.”
Step 3: Go to the “Payment History” menu and select the applicable CRN.
Step 4: Instantly download or save the Challan.
IndusInd Bank’s streamlined process ensures a hassle-free experience for individuals and businesses for submitting direct tax payments.
Avail of IndusInd Bank’s trusted services for a convenient and reliable way to fulfil your direct tax payment needs.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
