IT Department Sets Rs 1 Lakh Ceiling Per Taxpayer For Small Tax Demands
NDTV
The tax department's order specifies that outstanding demands related to income tax, wealth tax, and gift tax as of January 31, 2024, will be remitted and extinguished.
The Income Tax department has set a ceiling of Rs 1 lakh per taxpayer for the withdrawal of small tax demands. This decision follows the announcement made in the interim budget regarding the withdrawal of direct tax demands. The Income Tax department, through an official order, has outlined the criteria for the withdrawal, with a focus on demands until the assessment year 2015-16.
Finance Minister Nirmala Sitharaman, in the interim budget for 2024-25, had previously declared that tax demands for the assessment year 2010-11, up to Rs 25,000, and for the assessment years 2011-12 to 2015-16, up to Rs 10,000, would be withdrawn. This move is expected to benefit taxpayers and alleviate financial burdens.
The tax department's order specifies that outstanding demands related to income tax, wealth tax, and gift tax as of January 31, 2024, will be remitted and extinguished. However, this is subject to a maximum ceiling of Rs 1 lakh for any specific taxpayer or assessee. The limit encompasses the principal component of tax demand, along with interest, penalty, fee, cess, and surcharge.
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