For Quick Alerts
For Daily Alerts

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


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.

Read more about: income tax appeal cbdt itat
Story first published: Thursday, July 26, 2018, 13:33 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more