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Income Tax Dept's Big Play: 2 Lakh Appeals to Disappear!

Income 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!

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.

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