In a move to ease the burden on taxpayers, the government has announced the withdrawal of outstanding disputed direct tax demands up to ₹25,000 in the interim Budget 2024. This means millions of taxpayers will be relieved of these long-standing demands, dating back as far as 1962.
It is a fact that the budget included a proposal that would bring much relief to a group of taxpayers, namely the withdrawal of tax demands up to Rs 25,000 that have been in dispute for years. However, this proposal went unnoticed.
The Finance Minister claims that this is a continuation of the Modi government's efforts to improve taxpayer services. Nirmala Sitharaman claims that it will benefit about a crore taxpayers or one in eight people. Revenue department officials explained after the budget presentation that there are about 2.68 crore such small tax demands, of which 2.1 crore are below Rs 25,000. Of these 2.1 crore demands, 58 lakhs are from the financial year 2009-10. About 53 lakhs are from the period 2010-11 to 2014-15.
Here's what you need to know:
Some additional points to consider:
Overall, this is a positive step towards simplifying the tax filing process and reducing anxiety for taxpayers.
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