Tuesday , June 18 2024

Income Tax: Good news for taxpayers! Old tax demand up to Rs 1 lakh will be waived, taxpayers will benefit

Income Tax: There is news of relief for more than one crore taxpayers, on whom the Income Tax Department has sent a notice demanding tax up to Rs 1 lakh. The Central Board of Direct Taxes (CBDT) has said in its order that the Income Tax Department has started giving exemptions and eliminating the demand for old outstanding tax claims till January 31, 2024. This is being done in view of the announcement made in the interim. Budget. CBDT said in its order that tax demand of any taxpayer up to a maximum of Rs 1 lakh will be waived.

Tax demand waived up to Rs 1 lakh

CBDT said in its order that it will be abolished by giving exemption on tax demand of up to Rs 25,000 in every assessment year from assessment year 2020-11 to January 31, 2024. Whereas it will be abolished by giving exemption on tax demand of Rs 10,000 every year from assessment year 2011-12 to assessment year 2015-16. However, the total amount should not exceed Rs 1 lakh.

Finance Minister announced in the interim budget

While presenting the interim budget on 1 February 2024, Finance Minister Nirmala Sitharaman had given a big relief to one crore taxpayers and announced that, 'Direct tax demand of up to Rs 25,000 for the period up to the financial year 2009-10 and Rs 25,000 for the period 2010-10. For a period of 11. The outstanding income tax demand from 2014-15 up to Rs 10,000 will be withdrawn. The Finance Minister had said that this decision will benefit one crore taxpayers.