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Taxation Central Ministry of Finance Income Tax Act, 1961

Enhanced Monetary Limit for Filing Appeals Related to Direct Taxes, Excise and Service Tax in various Judicial Fora

24-Sep-2024 | NA

Central Board of Direct Taxes (CBDT) had earlier issued Direct Tax Vivad Se Vishwas Scheme through Finance Act (02 of 2024) to reduce the burden of tax litigation and expedite the resolution of tax disputes, as a result of which Hon'ble Supreme Court has disposed off 573 direct tax cases in view of the revised monetary limit of filing of appeals in a single day. Now Union Budget has provided for an enhanced monetary limit for filing appeals related to Direct Taxes, Excise and Service Tax in various judicial fora expecting that the cases pending before various appellate fora will come down and reduce tax litigation. The monetary thresholds for filing tax dispute appeals are as follows: 1. For Income Tax Appellate Tribunal (ITAT): Increased from Rs. 50 lakh to Rs. 60 lakh 2. For High Courts: Increased from Rs. 1 crore to Rs. 2 crore 3. For Supreme Court: Increased from Rs. 2 crore to Rs. 5 crore.

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