New Income Tax Norms May Cost Exchequer Over Rs. 1,000 Crore: Report

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    As per a leading business dailies report, a new tax rule as cited by the senior tax official will require Income tax department to withdraw as many as 90,356 appeals that are pending before the Income Tax Appellate Tribunal (ITAT) and high courts.

    New Income Tax Norms May Cost Exchequer Over Rs. 1,000 Crore: Report

    The authoritative body of the income tax department, CBDT or Central Board of Direct Taxes has decided to not follow up cases of income tax demand less than Rs. 20 lakh. This is likely to cost the government a sum of more than Rs. 1000 crore.

    The new limits to file the appeal are Rs. 20 lakh, Rs, 50 lakh and Rs. 1 crore.

    The official as told to the leading business daily suggests that the move is aimed at reducing the litigation work by half and hence enable the tax department to focus on fewer cases that are indeed important to recover more dues outstanding to the department.

    Goodreturns.in

    Read more about: income tax appeal cbdt itat
    Story first published: Thursday, July 26, 2018, 13:33 [IST]
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