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Govt initiates steps to reduce tax litigation

Govt initiates steps to reduce tax litigation

New Delhi, July 11 (UNI) The government has decided to increase the threshold monetary limits for filing departmental appeals at various levels, be it Appellate Tribunals, High Courts and the Supreme Court to reduce the long pending grievances of taxpayers and to minimise litigations pertaining to tax matters and to facilitate the Ease of Doing Business.

This is a major step in the direction of litigation management of both direct and indirect taxes as it will effectively reduce minor litigations and help the Department to focus on high value litigations, a Finance Ministry statement said here on Wednesday.

In case of CBDT, out of total cases filed by the Department in ITAT, 34 per cent of cases will be withdrawn. In case of High Courts, 48 per cent of cases will be withdrawn and in case of Supreme Court 54 per cent of cases will be withdrawn.

The total percentage of reduction of litigation from Department’s side will get reduced by 41 per cent. However, this will not apply in such cases where substantial point of law is involved, the Ministry said.

Similarly, in case of CBIC, out of total cases filed by the Department in CESTAT, 16 per cent of cases will be withdrawn. In case of High Courts, 22 per cent of cases will be withdrawn and in case of Supreme Court 21 per cent of cases will be withdrawn. This step will also reduce future litigation flow from the Department side.

UNI JPG SHK 2038

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Govt to infuse Rs 11,336 cr in 5 public sector banks

17 Jul 2018 | 10:55 PM

New Delhi, July 17 (UNI) The government on Tuesday announced an infusion of Rs 11,336 crore in five public sector banks as part of its Indradhanush scheme.

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WE Hub hosts MSME workshop for women entrepreneurs

17 Jul 2018 | 9:37 PM

Hyderabad, July 17 (UNI) 'WE HUB' along with MSME-DI organised a workshop to showcase the various schemes and financial assistance programs available from the Government of India, Government of Telangana and Banking institutions, here on Tuesday.

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IDBI board to seek govt decision over LIC proposal

17 Jul 2018 | 9:30 PM

New Delhi, July 17 (UNI) A day after board of state-run insurance company LIC gave its nod to increase its stake in debt-ridden Public Sector Bank IDBI up to 51 per cent; the IDBI board decided to seek the decision
of the government over the LIC proposal.

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Max Life Insurance to distribute Rs 1,084 crore as bonus to its participating policyholders

17 Jul 2018 | 7:26 PM

Gurugram, July 17 (UNI) Max Life Insurance, one of the leading life insurance companies of India, announced that it will be paying Rs 1,084 crore as policyholder bonus on the participating policies in-force, an increase of 27 per cent over Rs 854 crore in the same period in the previous year.

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MediaTek unveils new chipset to power smartphones

17 Jul 2018 | 7:21 PM

New Delhi, July 17(UNI) Taiwanese semiconductor company MediaTeK on Tuesday unveiled its Helio A series, expanding its Helio family of feature-packed and power-efficient chipsets with the company's new Helio A22 system-on-chip (SoC).

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