Quick Summary
TheCentral Board of Direct Taxes (CBDT) has issued an Order, bearing reference number F. No. 375/02/2023-IT-Budget and dated February 13, 2024, detailing the remission and extinguishment of specific outstanding direct tax demands. This directive aligns with the directives outlined in the Finance Ministers budget speech for the fiscal year 2024-25, aiming to provide relief to taxpayers burdened by certain tax liabilities. 1. Consequent upon the Finance Ministers budget speech vide para 93 unde
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FAQ :
The CBDT has announced the remission and extinguishment of certain outstanding direct tax demands for individuals.
The maximum ceiling for the waived tax demand is Rs 1,00,000 (Rupees one lakh) for any specific taxpayer.
The waiver applies to the principal component of tax, interest, penalty, fee, cess, or surcharge under the Income-tax Act, 1961, Wealth-tax Act, 1957, or Gift-tax Act, 1958, outstanding as of January 31, 2024.
Yes, for Assessment Years up to 2010-11, each demand entry up to Rs 25,000 is eligible, and for Assessment Years 2011-12 to 2015-16, each demand entry up to Rs 10,000 is eligible, subject to the overall Rs 1 lakh ceiling.
The waiver is not applicable to demands raised against tax deductors or tax collectors under TDS or TCS provisions.
The Directorate of Income-tax (Systems)/Centralized Processing Centre, Bengaluru (CPC) is expected to implement this order preferably within two months.
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