CBDT's decision to not pursue cases below Rs 2 mn may cost govt Rs 100 bn

The Central Board of Direct Taxes’ (CBDT’s) decision to not pursue pending cases of income tax (I-T) demand below Rs 2 million could deprive the exchequer of potential revenues of over Rs 100 billion, according to a senior tax official.  Going by the new rule, the tax department will have to withdraw 90,536 appeals pending before the Income Tax Appellate Tribunal (ITAT) and various high courts. The government’s objective behind changing the monetary limits for appeal is to reduce litigation by 50 per cent and allow the I-T department to focus on fewer but more impo.....

Key stories on business-standard.com are available to premium subscribers only.

Already a premium subscriber?

Subscribe to get an across device (Website, Mobile Web, Iphone, Ipad, and Android Phone applications) access to Premium content, Breaking News alerts, Industry Newsletters, Stock and Corporate news alerts, access to Archives and a lot more.