Raising the Monetary Ceilings for Write-off and Reconstitution of Committees.

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....ax were enhanced and the level of authority whose administrative approval would be required for write-off was re-defined by instructions No. 14/2003 dated 06.11.2003. In partial modification of the said instruction, the Board has revised the prescribed monetary ceilings for write-off of recoverable dues of Direct Taxes by the various income-tax authorities. 2. The revised monetary ceilings for wr....

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....ster Demand over Rs.50 Lacs 3. It is further clarified that any proposal for write-off of irrecoverable demand, which has already been recommended by a Zonal Committee or a Local Committee constituted as per the provisions of the earlier instructions/guidelines would not be required to be re-considered and recommended again by a Zonal Committee or Regional Committee or Local Committee, as the ca....

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....the level of CCIT CBDT Chief Commissioner of WT/GT Exp. Tax/Intt. Tax/Est. Duty Up to Rs.10 Lacs 5. It may be clarified that writing-off of recoverable dues of revenue would not lead to a release or waiver by the Government of its claim but would be only a write-off in the Department's books. The Government shall have the right at any time during the next 30 years, counting from the date of th....