Pursuant to Finance Minister’s speech on 1 February 2024 to waive off small demands, the Central Board of Direct Taxes (“CBDT”) has issued order to waive off small demands under the Income-tax Act, 1961, Wealth-tax Act, 1957 or Gift-tax Act, 1958 (“Covered Acts”) which were outstanding on 31 January 2024 within 2 months as under:
Upto AY 2010-11: Each demand entry upto Rs 25,000/-
AY 2011-12 to AY 2015-16: Each demand entry upto Rs 10,000/-
The extinguishment of above demand is subject to maximum ceiling of Rs 1 lakh for a specific taxpayer/ assessee (FIFO to apply, fractional demand for computing ceiling of Rs 1 lakh not be adjusted) for principal component of demand, interest, penalty, fee, cess, surcharge under the Covered Acts. The extinguishment of outstanding demands is not applicable on TDS/ TCS demands. CBDT order attached
The government has waived pending tax demands of up to Rs 1 lakh per individual.
Good News for taxpayers having Pending Tax Demands.
The government has waived pending tax demands of up to Rs 1 lakh per individual.
You can now log into their accounts on the Income Tax Return (ITR) portal and navigate to the “Pending Action Response to Outstanding Demand” section to check the status of ‘Extinguished Demands’ in their case.
The remission and extinguishment of tax demand are subject to a maximum ceiling of Rs 1,00,000 (Rupees one lakh) per taxpayer/assessee.
This applies to the principal component of tax demand under the Income-tax Act, 1961, as well as interest, penalty, fee, cess, or surcharge under various provisions.
Govt waives pending tax demands up to Rs 1 lakh; know the details here. , through an order dated February 13, 2024, announced that the tax department has begun remitting and extinguishing eligible old tax demands outstanding as of January 31, 2024
Taxpayers, check ITR portal NOW: Pending tax demand of up to Rs 1 lakh per individual waived by govt
Pending tax demand of up to Rs 1 lakh per individual waived by govt
Consequent to the Order of the CBDT in F.No 375/02/2023-IT-Budget dated 13.2.2024 eligible outstanding direct tax demands have been remitted and extinguished. Please log into your account and follow the path Pending Action > Response to Outstanding Demand to check the status of ‘Extinguished Demands’ in your case,” said CBDT in the order dated February 13, 2024, published on February 19, 2024.
Income Tax Demand Waived: वित्त मंत्री निर्मला सीतारमण ने 2024-25 के अंतरिम बजट में घोषणा के दौरान कहा था कि वित्त वर्ष 2009-10 तक 25,000 रुपये और 2010-11 तक 10,000 रुपये तक के विवादित इनकम टैक्स डिमांड वापस लिए जाएंगे.
वित्त मंत्री ने Taxpayers के लिए किया ये बड़ा ऐलान
इससे पहले वित्त मंत्री निर्मला सीतारमण (Nirmala Sitharaman) ने टैक्सपेयर्स का ध्यान रखते हुए 2024-25 के अंतरिम बजट में घोषणा की थी कि सरकार ने डायरेक्ट टैक्स मामले में पुराने विवादित टैक्स डिमांड (Withdraw Controversial Tax Demand) से लोगों को राहत देने का प्रस्ताव किया है. इसके तहत वित्त वर्ष 2009-10 तक 25,000 रुपये और 2010-11 तक 10,000 रुपये तक के विवादित इनकम टैक्स डिमांड (Income Tax Demand Notice) वापस लिए जाएंगे. वित्त मंत्री ने कहा कि सरकार का ध्यान टैक्सपेयर्स के लिए सर्विस में सुधार पर है.