Taxpayers, check ITR portal NOW: Pending tax demand up to Rs 1 lakh per individual waived by govt
«Consequent to the Order of the CBDT in F.No 375/02/2023-IT-Budget dated 13.2.2024 eligible outstanding direct tax demands have been remitted and extinguished. Please log into your account and follow the path Pending Action > Response to Outstanding Demand to check the status of 'Extinguished Demands' in your case,» said CBDT in the order dated February 13, 2024, published on February 19, 2024.
What is the ceiling limit of tax demand for individuals?
According to the order of CBDT: The remission and extinguishment of tax demand shall be subject to the maximum ceiling of Rs 1,00,000 (Rupees one lakh) for any specific taxpayer/assessee for the following types of demand entries:
a) Principal component of tax demand under the Income-tax Act, 1961 or corresponding provisions of Wealth-tax Act, 1957 or Gift-tax Act, 1958 and
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b) Interest, penalty, fee, cess, or surcharge under various provisions of the Income-tax Act, 1961, or corresponding provisions, if any, of the Wealth-tax Act, 1957, or Gift-tax Act, 1958.
CBDT said in the order, «Consequent to the aforesaid remission and extinguishment of entries of outstanding demand, there shall not be requirement of calculation of interest on account of delay in payment of demand under sub-section (2) of section 220 of the Income-tax Act, 1961 or corresponding provision of Wealth-tax Act, 1957 and Gift-tax Act, 1958 and therefore the same shall not be considered for determining the ceiling of Rs 1,00,000.»
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