New forms for income-tax returns to be notified by March-end
"The new forms for filing the income tax returns for the assessment year 2013-14 are proposed to be notified by the end of March, 2013," Minister of State for Finance S S
Palanimanickam said in a written reply to the Lok Sabha.
Every year, the government notifies forms for filing of income-tax returns after incorporating changes brought out by the Finance Act of the previous year and the suggestions received from stakeholders.
Replying to a separate question, the Minister said Rs 97,611 crore in direct taxes and Rs 1,08,081.08 crore in indirect taxes are locked up in litigation.
On steps taken by the Central Board of Direct Taxes (CBDT) to minimise litigation time to ensure early release of the locked-up amount, Palanimanickam said: "In order to facilitate early disposal of appeals pending with ITAT (Income Tax Appellate Tribunal), High Courts and Supreme Court, instructions have been issued to ensure proper and timely representation."
On steps taken by the Central Board of Excise and Customs (CBEC) to minimise litigation time to ensure early released of the locked-up amount, the Minister said, "Threshold limit of filing of Departmental Appeals have been prescribed as Rs 25
lakh, Rs 10 lakh, and Rs 5 lakh before the Supreme Court, High Court and Customs, Excise and Service Tax Appellate tribunal respectively."
The legislative amendments in the Finance Bill, 2013 have been
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