After revision of monetary limits for tax appeals, SC strikes off 573 direct tax cases

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tax appeals, nonstop taxation cases, Direct tax, Central Board of Direct Taxes (CBDT), Direct taxation collections, Indian explicit business, concern news, concern articles, existent affairs Around 4,300 cases are estimated to beryllium withdrawn from assorted judicial forums implicit the people of time, the Ministry said. The 4,300 cases would see 700 cases successful ITAT, 2,800 cases successful precocious courts and 800 cases successful the Supreme Court.

After the revision successful monetary limits for filing appeals successful nonstop and indirect taxation cases successful the Union Budget 2024-25, the Supreme Court connected Tuesday struck disconnected 573 nonstop taxation cases wherever the taxation effect is little than Rs 5 crore, the Ministry of Finance said successful a connection connected Tuesday.

The Finance Ministry said the measures are expected to “significantly trim the load of taxation litigation and expedite the solution of taxation disputes” successful alignment with the government’s efforts to beforehand ‘Ease of Living’ and ‘Ease of Doing Business’.

“The CBDT and CBIC had issued indispensable orders to heighten the monetary bounds for filing appeals successful their respective domains. As a result, it is expected that the cases pending earlier assorted appellate fora volition travel down and trim taxation litigation,” the Ministry said.

Union Finance Minister Nirmala Sitharaman, portion presenting the Budget successful July, had projected to summation monetary limits for filing appeals related to nonstop taxes, excise and work taxation successful the taxation tribunals, precocious courts and Supreme Court to Rs 60 lakh, Rs 2 crore and Rs 5 crore respectively. In 2019, the authorities had acceptable the threshold for filing appeals astatine Income Tax Appellate Tribunal (ITAT) astatine Rs 50 crore, for precocious courts astatine Rs 1 crore and for Supreme Court astatine Rs 2 crore.

Around 4,300 cases are estimated to beryllium withdrawn from assorted judicial forums implicit the people of time, the Ministry said. The 4,300 cases would see 700 cases successful ITAT, 2,800 cases successful precocious courts and 800 cases successful the Supreme Court.

The bounds for filing appeals was besides likewise raised for indirect taxes, with the bounds for CESTAT (Customs Excise and Service Tax Appellate Tribunal) accrued to Rs 60 lakh from Rs 50 lakh, for precocious courts raised to Rs 2 crore from Rs 1 crore and to Rs 5 crore from Rs 2 crore for the Supreme Court. Around 1,050 cases of cardinal excise and work taxation are estimated to beryllium withdrawn from assorted judicial forums including 250 appeals from the Supreme Court, 550 appeals from precocious courts and 250 appeals from CESTAT.

Aanchal Magazine is Senior Assistant Editor with The Indian Express and reports connected the macro system and fiscal policy, with a peculiar absorption connected economical science, labour trends, taxation and gross metrics. With implicit 12 years of newsroom experience, she has besides reported successful item connected macroeconomic information specified arsenic trends and argumentation actions related to inflation, GDP maturation and fiscal arithmetic. Interested successful the past of her homeland, Kashmir, she likes to work astir its civilization and contented successful her spare time, on with trying to representation the journeys of displacement from there. ... Read More

First uploaded on: 25-09-2024 astatine 01:00 IST

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