Income Tax Waiver English news | Income Tax Waiver, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

The government has recently announced a scheme to waive off small outstanding income tax demands, setting a ceiling of ₹1 lakh per taxpayer. The scheme aims to provide relief to taxpayers burdened with old outstanding tax demands. The Central Board of Direct Taxes (CBDT) 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announced that tax demands for AY 2010-11 of up to Rs 25,000 and for AY 2011-12 to 2015-16 of up to Rs 10,000 will be withdrawn. Tax demands totalling about Rs 3,500 crore will be withdrawn following the announcement.The CBDT order said that such outstanding tax demands pertaining to income tax, wealth tax and gift tax as on January 31, 2024,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".The limit of Rs 1 lakh would include principal component of tax demand, interest, penalty or fee, cess, surcharge. However, the remission shall not be applicable on the demands raised against the tax deductors or tax collectors under TDS or TCS provisions of the I-T Act. Additionally, the waiver or cancellation will not influence any ongoing, planned, or potential criminal legal proceedings against the taxpayer and does not grant any immunity under any legislation. Nangia Andersen India Partner Maneesh Bawa said the directive further specifies that this waiver or cancellation does not entitle taxpayers to any claims for credit or refunds. "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," Mr. Bawa said.

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Income tax waiver, Latest News

National :Waiver Granted for Pending Income Tax Demands of Up to Rs 1 Lakh per Individual

The government has recently announced a scheme to waive off small outstanding income tax demands, setting a ceiling of ₹1 ... ...