Excel for
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Press Release New Delhi, 15 th January, 2016 Reducing litigation with the taxpayers has been a key focus area for the Income Tax Department. Several initiatives have been taken by the Central Board of Direct Taxes in the last three months up to December 2015 to significantly reduce disputes and provide relief to taxpayers facing long standing litigation. The significant steps taken by CBDT include issue of a Circular revising the monetary limits for filing of appeals by the Department with the objective of reducing litigation as a part of its initiatives to reduce grievances of the taxpayers. CBDT has also directed Principal Chief Commissioners to constitute a collegium of Chief Commissioners of Income Tax to consider withdrawal of appeals filed by the Department in cases involving tax effect above the revised monetary limit from the High Courts in cases where, no question of law is involved, the issue is considered settled by the Department, or the appeal is no longer relevant in view of subsequent amendment . Besides this, the CBDT has issued a number of Circulars for withdrawing or not pressing of appeals on settled issues relating to the subjects listed below: · Non applicability of Rule 9A of the Income-tax Rules 1962 in case of abandoned feature films. · Interest from non-statutory liquidity ratio (non-SLR) securities. · TDS under section 194A of the Act on interest on fixed deposit made on the directions of the courts. · Recording of satisfaction note under section 158BD/153C of the Income-tax Act. The relevant Circulars are available on the website of the Department www.incometaxindia.gov.in
Related Updates
:
|