As per the announcement made in FMs Budget Speech, recovery of the old outstanding demands up to INR 25,000 for the period up to financial year 2009-10 and up to INR 10,000 for financial years 2010-11 to 2014-15 shall be waived off.
CA Pratibha Goyal | Feb 20, 2024 |
CBDT to waive off tax demand capped at Rs. 1 lakh outstanding as of Jan 31, 2024 [Read Order]
The Central Board of Direct Taxes, consequent of the Finance Minister’s Budget Speech, has issued an order to waive off tax demands outstanding as of Jan 31, 2024, under the Income-tax Act, Wealth Tax Act, or Gift Act.
The tax demand shall be waived off subject to maximum ceiling of Rs. 1 lakh for any specific taxpayer.
The following is read on Income Tax Portal:
Remission and Extinguishment of Demands
Eligible outstanding direct tax demands have been remitted and extinguished. Please log into your account and follow the path Pending Action > Response to Outstanding Demand to check the status of ‘Extinguished Demands’ in your case. In case of queries/concerns, please call 1800 309 0130 or write an email to [email protected] so that your concerns can be addressed.
Demand Waived Off
In the budget speech, Hon’ble Finance Minister proposed to withdraw or waive off the small, unresolved, unverified, or disputed direct tax demands pertaining to the financial years up to 2014-15.
As per the announcement recovery of the old outstanding demands up to INR 25,000 for the period up to financial year 2009-10 and up to INR 10,000 for financial years 2010-11 to 2014-15 shall be waived off.
CBDT Order:
In case of any Doubt regarding Membership you can mail us at [email protected]
Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"