TMI BlogRaising the Monetary Ceilings for Write-off and Reconstitution of Committees.X X X X Extracts X X X X X X X X Extracts X X X X ..... he Monetary Ceilings for Write-off and Reconstitution of Committees. In partial modification of earlier instructions on the subject, the Board have revised the prescribed monetary ceilings for write-off of irrecoverable dues of Direct Taxes by the various income-tax authorities. At the same time, the Board have reviewed and modified the existing structure of the Committees for recommending writ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Constitution To be Notified by Order of Write-off by Monetary Ceilings for Write-off Local Committee 3 officers of the level of Addl. CIT CCIT ITO/TRO Demand upto Rs. 5,000/- DCIT/ACIT Demand over Rs. 5,000/- and upto Rs. 25,000/- Addl. CIT/JCIT Demand over Rs. 25,000/- and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, the overall monetary ceiling has been raised from the present leval of Rs. 2,000/- to Rs. 5,000/-. Presently, irrecoverable demand exceeding Rs. 500/- requires issue of Irrecoverability Certificate by the Tax Recovery Officer (TRO). Such Certificate will now be required only in cases of irrecoverable demand exceeding Rs. 2,000/-. 3.1 All other conditions and requirements under the Ad-hoc Proc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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