GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Government Raises Threshold Limit for Appeals in Tax Cases, Hopes to Cut Litigation by 41%

Finance Minister Piyush Goyal said the tax department can file appeals in ITAT/CESTAT only if the tax amount involved is Rs 20 lakh or more, up from Rs 10 lakh at present.

PTI

Updated:July 12, 2018, 1:05 PM IST
facebookTwittergoogleskypewhatsapp
Government Raises Threshold Limit for Appeals in Tax Cases, Hopes to Cut Litigation by 41%
(Image: Network18 Creatives)
Loading...
New Delhi: With about Rs 5 lakh crore stuck in litigations, the government has decided to hike the threshold monetary limit for tax department to file appeals in tribunals and courts to bring down litigation by 41 per cent, Finance Minister Piyush Goyal said on Wednesday.

Goyal said the tax department can file appeals in ITAT/CESTAT only if the tax amount involved is Rs 20 lakh or more, up from Rs 10 lakh at present.

Appeals would be filed in High Courts if the tax amount involved in litigation is Rs 50 lakh, up from Rs 20 lakh at present. For appeals in Supreme Court, the threshold limit has been hiked to Rs 1 crore, from Rs 25 lakh at present.

He said the move is to create trust in the tax administration and give relief to honest, small and mid-sized taxpayers.

The move will result in 41 per cent reduction in overall tax cases, he told reporters.

The higher limit would mean that 34 per cent of the tax cases filed in Income Tax Appellate Tribunal (ITAT) will be withdrawn while 48 pe cent of the cases in High Courts would be withdrawn. Similarly, 54 per cent of cases in the Supreme Court will be withdrawn.

Besides giving relief to taxpayers, the move is also based on premise that the cost of litigation is sometimes more than the recovery sought, he said.

Goyal said only cases where a substantial point of law is involved will be appealed against.
| Edited by: Puja Menon
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Jet Airways 320.90 24.43
Yes Bank 205.85 -7.44
ICICI Bank 370.00 0.93
Maruti Suzuki 7,478.30 1.48
Reliance 1,096.85 -0.10
Company Price Change %Gain
Jet Airways 320.95 24.52
Motherson Sumi 143.05 -6.87
Yes Bank 206.00 -7.42
Maruti Suzuki 7,482.85 1.50
Apollo Hospital 1,265.65 8.53
Top Gainers
Company Price Change %Gain
Adani Ports 346.20 4.28
Titan Company 920.80 3.21
Eicher Motors 23,945.35 3.03
Kotak Mahindra 1,162.25 2.86
Hero Motocorp 2,922.15 2.62
Company Price Change %Gain
Adani Ports 345.30 4.19
Kotak Mahindra 1,162.65 2.93
Hero Motocorp 2,917.20 2.20
Axis Bank 625.65 2.11
Tata Motors 179.95 1.78
Top Losers
Company Price Change %Gain
Grasim 808.70 -7.72
Yes Bank 205.85 -7.44
Indiabulls Hsg 804.85 -4.10
NTPC 153.80 -2.26
Bharti Infratel 255.40 -1.79
Company Price Change %Gain
Yes Bank 206.00 -7.42
NTPC 153.90 -2.16
ONGC 158.90 -1.15
Sun Pharma 514.95 -1.04
Coal India 263.05 -0.96

Live TV

Loading...
Loading...