Key Points
The Income Tax Department has prescribed a ceiling of Rs 1 lakh per assessee for withdrawal of small tax demands till Assessment Year 2015-16, in accordance with a scheme announced in Budget...
The Central Board of Direct Taxes (CBDT) has issued an order giving effect to the 2024-25 Budget announcement by Finance Minister Nirmala Sitharaman...
The Budget had announced that tax demands for AY 2010-11 of up to Rs 25,000 and for AY 2011-12 to 2015-16 of up to Rs 10,000 will be withdrawn..
The CBDT order said that such outstanding tax demands pertaining to income tax, wealth tax and gift tax as on January 31, 2024, shall be remitted and extinguished subject to the maximum ceiling of Rs 1 lakh for any specific taxpayer/assessee...
Taxpayers are advised to access their online accounts and navigate to Pending Action > Response to Outstanding Demand to verify the status of Extinguished Demands related to them, Bawa said...
