Published By: Mohammad Haris
Last Updated: February 19, 2024, 18:02 IST
Income tax. (Representative picture)
The Budget 2024-25 introduced that tax calls for for AY 2010-11 of as much as Rs 25,000 and for AY 2011-12 to 2015-16 of as much as Rs 10,000 shall be withdrawn
The Income Tax division has prescribed a ceiling of Rs 1 lakh per assessee for withdrawal of small tax calls for until Assessment Year 2015-16, in accordance with a scheme introduced in Budget. The Central Board of Direct Taxes (CBDT) has issued an order giving impact to the 2024-25 Budget announcement by Finance Minister Nirmala Sitharaman.
The Budget had introduced that tax calls for for AY 2010-11 of as much as Rs 25,000 and for AY 2011-12 to 2015-16 of as much as Rs 10,000 shall be withdrawn. Tax calls for totalling about Rs 3,500 crore shall be withdrawn following the announcement. The CBDT order stated that such excellent tax calls for pertaining to revenue tax, wealth tax and reward 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 restrict of Rs 1 lakh would come with principal element of tax demand, curiosity, penalty or charge, cess, surcharge. However, the remission shall not be relevant on the calls for raised in opposition to the tax deductors or tax collectors underneath TDS or TCS provisions of the I-T Act.
Nangia Andersen India Partner Maneesh Bawa stated the directive additional specifies that this waiver or cancellation doesn’t entitle taxpayers to any claims for credit score or refunds. Additionally, the waiver or cancellation won’t affect any ongoing, deliberate, or potential prison authorized proceedings in opposition to the taxpayer and doesn’t grant any immunity underneath any laws.
“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,” Bawa stated. Revenue Secretary Sanjay Malhotra had earlier this month stated that there are about 1.11 crore such disputed tax calls for.
