Monetary Limits for filing Income Tax Appeals increased
The Government, in a move to reduce litigations, has substantially increased the monetary limits for filing income tax appeals at various appellate authorities. Such limits have been raised by 100% to ₹20 lakhs for filing an appeal before the Tribunal, by 150% to ₹50 lakhs in case of appeal before the High Courts and by whopping 300% to ₹100 lakhs when it comes to filing an appeal before the Apex Court. The Government of India, Ministry of Finance, Department of Revenue, CBDT has notified such changes by the Circular No.3/2018 dated Jul 11, 2018 which is reproduced herein under; Lastly such limits were increased on Dec 10, 2015 by Circular No.21/2015.
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