Budget 2024: Tax demands against 10 million taxpayers will be dropped
The Finance Minister said the tax demands will be withdrawn if they meet any one of two conditions. Read on to know more.
Finance Minister Nirmala Sitharaman said that tax disputes arising from demands raised on 10 million taxpayers will be dropped.
If the tax demand raised by the department is ₹25,000 or less, and the demand is older than March 2010, the taxman will no longer pursue the case.
Similarly, demands of ₹10,000 or less, which have been raised between April 2011 and March 2015, will also be withdrawn,
The withdrawal of outstanding tax demands for the specified years aims to ease the burden on individuals who have been grappling with these dues, the Finance Minister said.
“The government has brought smiles to 10 million taxpayers. This not only signifies a positive outcome for taxpayers but also reflects the government's astute utilisation of its database," Sandeep Shah, Managing Partner at N.A. Shah Associates, told CNBC-TV18.
First Published: Feb 1, 2024 12:30 PM IST
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