Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: due date for vat payment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: articles on VAT and GST in India :: empanelment :: ACCOUNTING STANDARD :: VAT RATES :: cpt :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit
 
 
General »
 Government sets aside Rs 10,000-cr tax demand on tech companies
 Income tax department surveys bitcoin exchanges
 Income tax department to target senior executives who have US bank accounts
 Exporters file over 10,000 applications for GST refunds
 Government wants RBI rate cut before March: Finance ministry sources
 Govt begins review of tax, other norms for startups
 Fall in tax collection compounds crisis
 Govt sets up task force to review income tax laws
 Tax queries: Contact employer to get Form 16 error rectified
 Finance Ministry may hike monetary limit for filing tax appeals
 Compilation of all notifications issued ON

Finance ministry raises monetary limit for filing appeals in tax cases
December, 16th 2015

Seeking to reduce tax litigation by about 50 per cent, the Finance Ministry today raised the monetary limit for filing appeals to Rs 10 lakh in appellate tribunal, and Rs 20 lakh in High Courts.
It has been decided to withdraw appeals filed by I-T department in ITAT and High Courts for cases involving tax effect of below the new monetary limit. There are 75,000 cases pending in ITAT and HC.
Tax effect refers to the difference between what the I-T department's assessment of tax liability and asssessee's assumption.

"The monetary limits for filing of appeals by the Department before the Income Tax Appellate Tribunal (ITAT) and the High Courts have been revised to tax effect of Rs 10 lakhs and Rs 20 lakhs respectively, from the present limits of tax effect of Rs 4 lakhs and Rs 10 lakhs," Revenue Secretary Hasmukh Adhia told reporters.

The revised limits have been made applicable retrospectively to pending appeals also, he said, adding that directions have been issued that pending appeals which are below the revised monetary limits may be withdrawn or not pressed.

2 Reasons Why Bank Fixed Deposits Alone Won’t Make You Rich

The powerful & stylish InFocus M260 at Rs. 3999

Recommended By Colombia
However, he added the cases involving substantive question of law would be pursued irrespective of the monetary limit.
Adhia further said that the government and CBDT have also decided to set up a collegium of two Chief Commissioners would be set up by Principal Chief Commissioners to decide on withdrawal of appeals filed by the department.

Top Comment
A very good decision. There are hundreds of such executive reforms possible which can be done without any hassles

SEE ALL COMMENTSADD COMMENT
"This collegium will consider withdrawal of appeals filed by the Department in cases involving tax effect above the revised monetary limit from the High Courts if no question of law is involved, the issue is considered settled by the Department or the appeal is no longer relevant in view of subsequent amendment," he said.
When asked whether the government is still sticking to the April 1, 2016, deadline for GST rollout, Adhia said "we will take a call after the end of the ongoing Winter session of Parliament".
The Good and Services Tax (GST) is stuck in the Rajya Sabha because of the political logjam.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions