While presenting the Union Budget 2024-2025 in Parliament, Finance Minister Nirmala Sitharaman highlighted that appropriate changes will be made to the Insolvency and Bankruptcy Code (IBC) to reform and strengthen tribunals in India. This includes an integrated technology platform will be established to enhance outcomes under the IBC. Regarding the Income Tax Act, increasing the monetary limits for filing appeals related to direct taxes, excise and service tax to ₹60 lakh in tax tribunals, ₹2 crore in High Courts, and ₹5 crore in the Supreme Court was proposed.
