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The Central Board of Direct Taxes is the apex body for direct tax administration. The lesson identifies the parent statute under which the CBDT functions. Which Act is that parent statute?
Answer & Solution
Correct answer: A.
1. The lesson states that CBDT is a statutory authority.
2. It functions under the Central Board of Revenue Act, 1963.
3. The Income Tax Act administers the substantive direct tax law, not the Board itself.
4. The Constitution is the source of taxation power but does not constitute the CBDT.
5. The 1964 Act cited is fictional in this context.
_Source: ICSI CS Executive Paper 4 (Tax Laws) — Lesson 1: Direct Taxes — At a Glance, pp. 10-22._
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