Income Tax Important Events

1962

Income-tax Act, 1961 came into force w.e.f. 1.4.62.

1963

Central Board of Revenue bifurcated and a separate Board for Direct Taxes known as Central Board of Direct Taxes created under Central Board of Revenue Act, 1963.

1964

For the first time an officer from theDepartmentbecomes Chairman of C.B.D.T. The Companies (Profits) Sur-tax Act, 1964 enacted. AnnuityDeposit scheme, 1964 introduced.

1965

The Voluntary Disclosure Scheme introduced

1966

Functional Scheme introduced

It was decided that work of recovery be taken over from states by I.T.Department and Special Recovery Unit created. Intelligence Wing created and placed under the charge of Directorate of Inspection (Investigation).

1967

Report on rationalisation and simplification of tax structure by Shri S. Bhoothalingam submitted

Administrative Reforms Commission sets up, the Working Group on Central Direct Taxes Administration.

1968

Valuation Cell comes into existence in Oct., 68 in the Income-tax Department

Report of Working Group of Administrative Reforms Commission received.

Summary Assessment Scheme introduced

1969

Direct recruitment to Class II Income-tax Officers made.

The post of I.A.C. (Audit) created in Income-tax Department

Recommendations of Administrative Reforms Commission received.

1970

A new Cadre of Additional Commissioners of Income-tax created.

Tax Recovery Officers from Income-tax Department entrusted with recovery work.

1971

Posts of Tax Recovery Commissioners created.

Report of Direct Taxes Enquiry Committee known as Wanchoo Committee received

System of Permanent Account Numbers introduced

1972

A special cell within the Directorate of Inspection (Investigation) created to over-see the cases of large industrial houses.

Provisions for acquisition of Immovable properties in certain cases of transfer, introduced to counter-act evasion of tax.

Posts of I.A.C. (Acquisition) created and I.A.Cs. appointed as Competent Authority.

Directorate of Organisation and Management Services (Income-tax) created.

Bradma Scheme in Income-tax Department introduced.

Valuation Officers given statutory powers under Income-tax Act, 61 & Wealth-tax, Act 57.

1973

Concept of M.B.O. introduced.

Sri R.V. Ramaswamy, Commissioner of Income-tax awarded Padmashri.

1974

Compulsory Deposit Scheme (Income-tax Payers) introduced.

Action plan for Income-tax Officers introduced for the first time.Directorate of Inspection (RS&P) reorganised in two Wings – Research & Statistics ; Publications & Public Relations.