Central Board of Direct Taxes (CBDT)
- Recently, the CBDT has notified a reduction in the valuation of rent-free accommodation to staff provided by employers.
- CBDT is a statutory authority functioning under the Central Board of Revenue Act, 1963.
- It is a part of the Department of Revenue in the Ministry of Finance.
- Its functions include formulation of policies, dealing with matters relating to levy and collection of direct taxes, and supervision of the functioning of the entire Income Tax Department.
- It also proposes legislative changes in direct tax enactments and changes in rates and structure of taxation in tune with the policies of the Government.
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