Outstanding Small Income Tax Demands Not required pay off: Budget 2024

Outstanding Small Income Tax Demands Not required pay off : Budget 2024

The Indian Government has extended an olive branch to Income tax taxpayer those who are still handling with Petty small Income tax Demands related to previous year. Tax Dept to waive off small Income tax demands autonomously clear pending petty tax demands for approximately 80,00,000/- Income taxpayers on their own accord.

• Budget 2024 proposed to withdraw all Income Tax Demands up to INR 25k concern to any year to FY 2009-10 & up to INR 10k for FY 2010-11 to 2014-15.
• This is anticipate to Profit up to a crore of Income Taxpayer who are still Disputing such previous old Tax Demands.
• This Approach at a time when Taxpayer have been receiving Intimation from the Income Tax Department for previous Tax demands. Few income tax demand dating longer than 15 years.
• The Finance Minister said in her Budget 2024 Speech “There are a huge number of Petty, non-reconcile or controversy about the Income Tax Demand order issued, many of them dating as far back as the year 1962 ,which continue to remain in the Books of Accounts, causing concern Honest Income Tax Payers & Hindering refunds of coming years.
• It is a complex to keep income tax supporting documents for a long period & defended. Income tax Taxpayer have been suffering due to old demands , Particularly those amount have been income tax refunds issued. some of previous old  Demands have hindered release of income tax refund for upcoming next years.
• The CBDT Chairman stated that the income tax department would eliminate these requests, releasing taxpayers of further obligation. Income-tax Taxpayers won't be approached about this issue, and the process is intended to be non-adverse to the assessee. However, the specifics of the requests can be examined on the e-filing page for each individual taxpayer. The Tax department will take swift action to resolve any problems that may occur. So to Tax Dept withdraw direct tax demands up to INR 25k for the FY 2009-10 & up to INR 10k for the FY 2010-11 to 2014-15.

Disclaimer: The content of this post isn't considered to be professional or legal advice, We aren't responsible for any damages arising from your access to the location content & must not be relied on or used as a substitute for legal advice from a lawyer professional in your jurisdiction. CARajput is among India's big digital compliance services platform which committed to helping people have started & developed their businesses. We had started with the goal of creating it easier for start-ups to start out their business. Our main aim is to assist the businessman with applicable laws & regulations compliance and providing support at each & every level to make sure the business stays compliant and growing continuously. For any query, help or feedback you may in touch on singh@carajput.com or Call or what’s-up on 9-555-555-480