New income tax norms can cost the govt Rs 1,000 crore, says report
Updated : July 25, 2018 08:37 AM IST
The Central Board of Direct Taxes' (CBDT's) decision of not taking up pending cases of income tax demand below Rs 20 lakh can cost the exchequer more than Rs 1,000 crore, a Business Standard report said.
The new rule, according to a tax official quoted by the paper, the tax department will have to withdraw 90,356 appeals pending before the Income Tax Appellate Tribunal (ITAT) and high courts.
The new limits are Rs 20 lakh, Rs 50 lakh and Rs 1 crore to file the appeals.