Key Points
The income tax department has garnered about Rs 4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers in the past two years, Central Board of Direct Taxes (CBDT) chief Nitin Gupta said..
In a post budget interview to PTI TV, Gupta also said the I-T department has set up a demand management centre at Mysuru, Karnataka, which is focusing on disputed pending large tax demands of above Rs 1 crore...
The Interim Budget 2024-25 has announced withdrawal of outstanding small tax demands, some even dating back to 1962, of up to Rs 25,000 till 2014-15 in respect of income, wealth and gift taxes..
We think this exercise would yield quite a lot of dividend to us and we will be able to manage the demand in a more meaningful way," Gupta said.. With regard to withdrawal of disputed demands which is announced in Budget, Gupta said most of these demands are on the books...
We believe that a number of entries of that nature what the Finance Minister has spoken about in budget speech could be a crore or more of the number of entries and number of taxpayers could be 80 lakh or so unique ones," he said, adding with this exercise the department can clean its books and it would be beneficial for taxpayers as well...
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