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
Latest Expert Exchange
Direct Tax »
 Income Tax department cautions TDS deductors, says file statements by May 31 or pay penalty
 ITR-4 launched on e-filing portal; total 3 ITRs available now
 CBDT directs income tax department to hold grievance redressal fortnight for taxpayers in June
 Income tax return form-2 in Java format released for e-filing for FY2017-18
 3 ITRs available now ITR-4 launched on e-filing portal
 Businesses, small taxpayers to gain from new direct tax code
 New direct tax code to benefit corporates, income tax payers
 CBDT releases ITR Form-4 for presumptive income from business and profession
 Know how you can save tax through various deductions under Section 80 Income Tax
 CBDT issues notification, seeks suggestions to bring more transparency in cross-national transactions
 CBDT seeks suggestions to bring transparency in cross-national transactions

Monetary limit for filing appeals in tax cases raised
December, 16th 2015

Seeking to reduce tax litigation by about 50 per cent, the finance ministry on Tuesday raised the monetary limit for filing appeals to Rs 10 lakh in appellate tribunal, and Rs 20 lakh in high courts (HCs).

It has been decided to withdraw appeals filed by the income tax (I-T) department in Income Tax Appellate Tribunal (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.

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 the Central Board of Direct Taxes (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.

“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 is stuck in the Rajya Sabha because of the political logjam.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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