« Top Headlines » Open DEMAT Account in 24 hrs  ITR Filing: 6 Ways to Get Exemption on Income Tax  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals «  Chidambaram to address I-T Chief Commissioners... FM may take RRBs out of tax net... » Tax dispute cell threshold limit revised July, 16th 2007 The minimum threshold limit for Settlement Commission(Customs and Central Excise) for adjudicating on cases related to indirect tax disputes has been raised from Rs 2 lakh to Rs 3 lakh from June 2007.   "Anyone who has been slapped with a showcause notice, with a tax liability of Rs 3 lakh or beyond can approach the Settlement Commission, provided the case is not pending in an Appellate Tribunal", said Sunipa Basu, vice president of Settlement Commission(Customs and Central Excise), Kolkata.   However, the concerned individual or company cannot question the legality of the commission's decision.   E-filing of returns have been made mandatory, effective from June 2007 for all those paying excise or customs duties of Rs 50 lakh and beyond, she stated.   The powers of the Settlement Commission(Customs and Central Excise) have been curtailed.   Giving details of this matter, Basu said cases of outright smuggling and evasion have been kept out of the purview of the commission. Basu was speaking on the occasion of a seminar on Central Excise, Customs, Service Tax and VAT: Laws and Procedures, organised by Calcutta Management Association(CMA) under the patronage of Patton International Limited.   In Customs, the deemed value has been replaced by transaction value, which implies that tax will be imposed on the price that one pays for the goods, Basu informed reporters.   Speaking on the occasion, RK Mishra, additional commissioner, central excise, Kolkata referred to the system of Risk Management, introduced last year. This system has allowed a large number of goods to be cleared without scrutiny.   "It is not feasible to do a thorough check on all the goods and so now the focus is on observing the behaviour of the industry", Mishra said.   Mishra also hinted at the Goods and Services Tax, which is likely to be introduced in 2010.   About Rs 1,22,000 crore worth of central excise duties were collected last year, thereby accounting for 36 per cent of the total tax collection, Mishra claimed.