Taxontips
No Result
View All Result
Sunday, May 28, 2023
Login/ Register
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Talk to an Expert
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
No Result
View All Result
Taxontips
No Result
View All Result

Monetary Limit for filing Appeal by Income Tax Department Revised/ Enhanced by CBDT:

Income tax Expert by Income tax Expert
October 27, 2019 - Updated on November 13, 2019
in Income Tax News
2
97
SHARES
1.2k
VIEWS
image_pdfPDFimage_printPrint

The monetary limit which CBDT suggest is applicable to Income Tax Department i.e. it provides a parameter that the department can appeal against any order issued by an appellate authority only if it’s above a certain monetary limit so that department can focus on major cases and reduce litigations and this limit is increasing gradually and it has doubled within past one year. The monetary limit pertains to amount of Tax effect or in simple words amount of tax demand and it needs to be checked for each year of each assessee. The table showing current monetary limit effective from 08.08.2019 and previous limit is as under:

S. No Appeals/ SLPs in Income-tax matters Monetary Limit (Rs.) Previous limits
1. Before Appellate Tribunal 50,00,000 20,00,000
2. Before High court 1,00,00,000 50,00,000
3. Before Supreme Court 2,00,00,000 1,00,00,000

 

The circular read as under:

“1. Reference is invited to the Circular No.3 of2018 dated 11.07.2018 (the Circular) of Central Board of Direct Taxes (the Board) and its amendment dated 20th August. 2018 vide which monetary limits for filing of income tax appeals by the Department before Income Tax Appellate Tribunal. High Courts and SLPs/appeals before Supreme Court have been specified. Representation has also been received that an anomaly in the said circular at para 5 may be removed.

2.As a step towards further management of litigation. it has been decided by the Board that monetary limits for filing of appeals in income-tax cases be enhanced further through amendment in Para 3 of the Circular mentioned above and accordingly, the table for monetary limits specified in Para 3 ofthe Circular shall read as follows:

S. No Appeals/ SLPs in Income-tax matters Monetary Limit (Rs.)
1. Before Appellate Tribunal 50,00,000
2. Before High court 1,00,00,000
3. Before Supreme Court 2,00,00,000

 

3.Further, with a view to provide parity in filing of appeals in scenarios where separate order is passed by higher appellate authorities for each assessment year vis-a-vis where composite order for more than one assessment years is passed. para 5 of the circular is substituted by the following para:

“5. The Assessing Officer shall calculate the tax effect separately for every assessment year in respect of the disputed issues in the case of every assessee. If, in the case of an assessee, the disputed issues arise in more than one assessment year, appeal can be filed in respect of such assessment year or years in which the tax effect in respect of the disputed issues exceeds the monetary limit specified in para 3. No appeal shall be filed in respect of an assessment year or years in which the tax effect is less than the monetary limit specified in para 3. Further, even in the case of composite order of any High Court or appellate authority which involves more than one assessment year and common issues in more than one assessment year, no appeal shall be filed in respect of an assessment year or years in which the tax effect is less than the monetary limit specified in para 3. In case where a composite order/ judgement involves more than one assessee. each assessee shall be dealt with separately.”

4.The said modifications shall come into effect from the date of issue of this Circular.

5.The same may be brought to the notice of all concerned.

6.This issues under section 268A of the Income-tax Act, 1961.

7.Hindi version will follow.

 

Copy to:

(Neetika Bansal)

Director, (ITJ)

CBDT, New Delhi”

 

You can download the circular from here: Circular 17/2019

 

If you need assistance you can ask a question to our expert and get the answer within an hour or post a comment about your views on the post and also subscribe to our newsletter for latest weekly updates.

image_pdfPDFimage_printPrint
Previous Post

Auditor should not sign the audit report in a hurry – Penalty of Rs. 10,000 u/s 271-J of Income Tax Act.

Next Post

Now you need to give exam to be an independent director

Related Posts

Amendment in provisions relating to taxability of income of trust by Finance Act, 2021
Income Tax News

Extension in time limit for filing Form 10A, 10AB, 10BD, 10 etc. in relation to trust under Income tax act

May 26, 2023
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

Government issues guidelines to calculate net winning for section 194BA of the Act [Read circular]

May 23, 2023
Income Tax News

CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities

May 20, 2023
IT Department to release all pending income tax refunds up to Rs 5 lakhs immediately
Income Tax News

International payments through credit card will now attract 20% TCS under Income tax

May 19, 2023
ITR 1 and 4 utility are now available for FY 2020-21 i.e. AY 2021-22 | File ITR with experts on Taxontips
Income Tax News

ITR 4 is now available on e-filing website for FY 2022-23 i.e. AY 2023-24 | File ITR with experts on Taxontips

April 27, 2023 - Updated on May 12, 2023
IT Department to release all pending income tax refunds up to Rs 5 lakhs immediately
Income Tax News

Union Finance Minister Smt. Nirmala Sitharaman chairs review meeting with Central Board of Direct Taxes

April 26, 2023
Next Post
Now you need to give exam to be an independent director

Now you need to give exam to be an independent director

Comments 2

  1. Pingback: Growth Trajectory of Direct Tax Collection & Recent Direct Tax Reforms - Taxontips
  2. Pingback: Exception to monetary limit for filing appeal before ITAT, High court and Supreme court - Taxontips

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Google Custom search

Recent Posts

  • Instructions for conducting scrutiny of returns for FY 2019-20 onwards under GST [Read instructions]
  • Extension in time limit for filing Form 10A, 10AB, 10BD, 10 etc. in relation to trust under Income tax act
  • GUIDELINES FOR SPECIAL ALL-INDIA DRIVE UNDER GST
  • Government issues guidelines to calculate net winning for section 194BA of the Act [Read circular]
  • Do you need to panic if you have Rs. 2000 note with you?

Recent Comments

  • Notification under PMLA by Ministry of Finance which could affect CA, CS and CMA - Taxontips on CA, CS and CMA now under PMLA. KYC of clients required
  • ADMIN on My Resolved Question
  • ADMIN on My First Question
  • ADMIN on My First Question
  • proxies shared on How to make correction in Income Tax Challan paid?

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Browse Topics by Date

May 2023
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031  
« Apr    

Recent Notification

Annual return optional for F.Y. 2017-18 and 2018-19 for Turnover below Rs. 2 crore

Instructions for conducting scrutiny of returns for FY 2019-20 onwards under GST [Read instructions]

May 27, 2023
Amendment in provisions relating to taxability of income of trust by Finance Act, 2021

Extension in time limit for filing Form 10A, 10AB, 10BD, 10 etc. in relation to trust under Income tax act

May 26, 2023

RSS Taxontips

  • Instructions for conducting scrutiny of returns for FY 2019-20 onwards under GST [Read instructions]
  • Extension in time limit for filing Form 10A, 10AB, 10BD, 10 etc. in relation to trust under Income tax act
  • GUIDELINES FOR SPECIAL ALL-INDIA DRIVE UNDER GST
  • Government issues guidelines to calculate net winning for section 194BA of the Act [Read circular]
  • Do you need to panic if you have Rs. 2000 note with you?
  • CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities
  • Rs. 2000 note removed from Circulation Will continue as Legal Tender
  • International payments through credit card will now attract 20% TCS under Income tax
  • Deferment of second phase of Peer Review Mandate for CA Firms
  • GST revenue collection for April 2023 highest ever at Rs 1.87 lakh crore

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Site menu

  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Taxontips

TaxOnTips provides you all tax related solutions in easy way and update you with its regular updates & notifications Visit us for details.
We are based in Jaipur, India

© 2019-2023 Taxontips.com - Tax assistance at your Fingertips

No Result
View All Result
  • Login/Signup
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
  • Ask an expert/ Talk to an expert
  • Privacy Policy
  • Terms of use

© 2019-2023 Taxontips.com - Tax assistance at your Fingertips

Book Phone consultation with expert

Sitting home or at your office and don't have time to visit CA's office or don't know where to consult CA. Book your consultation with an expert practicing Chartered Accountant and get your query solved.

Book a phone consultation for 30 minutes with our expert at a very basic cost.

Book consultation

No thanks, I'm not interested!