Finance
Mr. BillionhairIncome Tax Dept's Big Play: 2 Lakh Appeals to Disappear!
Listen up, America! The income tax department is making history, folks! They’re on a mission to wipe out over 2 lakh CIT(A) appeals this year! That’s right—1.65 lakh already gone! With a staggering ₹16.75 trillion at stake, they’re combining penalties and assessments like never before. Just admit it, taxpayers, and save those penalties! It’s gonna be HUGE, believe me!
few days ago | Monika Yadav
Quick rundown
1.Income tax department targets 2 lakh CIT(A) case disposals this fiscal.
2.Penalty proceedings now combined with assessments to reduce litigation.
3.Updated return facility boosts compliance with 1.22 crore filings.
4.Safe harbour rules expanded for IT/ITES sector, boosting tax certainty.
5.System-driven safe harbour approvals enhance investment predictability.
