Centre asks tax dept to drop tax appeals below new thresholds in 3 months
New Delhi: Finance minister Nirmala Sitharaman on Monday asked the income tax department to withdraw within three months all appeals filed by it before tribunals and courts in which the tax claim falls below the new monetary threshold announced in last year's budget.
The government had in budget 2024-25 raised the threshold for filing appeals in tax disputes from Rs.50 lakh to Rs.60 lakh before the Income Tax Appellate Tribunal (ITAT), from Rs.1 crore to Rs.2 crore in the case of high courts and from Rs.2 crore to Rs.5 crore in the case of Supreme Court, finance ministry said.
