In this article, we will discuss how the amount of Income Tax is scrutinized. But are we aware...
There is a considerable pendency of litigation appeals of the Income Tax Department pending before tribunal authorities. The CBDT (Central Board of Direct Taxes) has addressed this important issue in its recent notification “Raise in Limits for Filing Income Tax” on 8th august 2019. The notification states that the monetary criteria for filing of appeals by the department at juridical authorities have been increased.
The juridical authorities include ITAT, High Court Supreme Court have been revising. The notification is expected to reduce the back log of cases. The notification has been addressed under section 268 A of the Income Tax Act 1961. The notification came in enforcement from the date the issue of circular.
The notification details new monetary limit for appeals before judicial authorities. The monetary limit for making an appeal before income tax tribunal has been raised to 50 lakh from 20 lakh.Monetary-Limits-for-filing-of-IT-Appeals-by-the-Dept
Limit for making an appeal before the High Court has been Raise in Limits for Filing Income Tax from 50 lakh to 1 crore. The limit to appeal before the Supreme Court of India has been increased to 2 crores from the earlier limit of 1 crore.
Read our article:All Types of Income Tax Return Filing In India