Income Tax Relief: Small Demands Up to ₹1 Lakh Waived
The government's new scheme aims to alleviate financial burdens for taxpayers by waiving off small tax demands, with a focus on demands until the assessment year 2015-16.
- The Income Tax department sets a ceiling of ₹1 lakh per taxpayer for the withdrawal of small tax demands, following the interim budget announcement.
- Outstanding demands related to income tax, wealth tax, and gift tax as of January 31, 2024, will be remitted and extinguished, subject to a maximum ceiling of ₹1 lakh per specific taxpayer.
- The waiver will be automatically applied by the Income Tax Department's Central Processing Cell without any intervention required by the taxpayer.
- Demands raised against tax deductors or collectors under TDS or TCS provisions of the Income-tax Act are not eligible for this relief.
- The scheme is expected to benefit taxpayers and alleviate financial burdens, but does not grant immunity from any pending, initiated, or contemplated criminal proceedings against the taxpayer.
NDTV 