The Finance Minister, in her budget speech 2024, has announced the remission and extinguishment of specific outstanding direct tax demands. The Central Board of Direct Taxes ( CBDT ) has also issued an order related to the same on February 13, 2024.
These demands, up to particular monetary limits across various assessment years until 2015-16, are covered, with a maximum cap of ā¹1,00,000 per taxpayer, excluding TDS/TCS demand entries.
The remission and extinguishment include the principal tax demand and associated interest, penalties, fees, cess, or surcharges under relevant provisions of the Income-tax Act, 1961, or corresponding provisions of the Wealth-tax Act, 1957, or Gift-tax Act, 1958. However, demands against tax deductors or collectors under TDS or TCS provisions are not included.
Additionally, interest calculations due to payment delays under section 220(2) of the Income-tax Act, 1961, or corresponding provisions of the Wealth-tax Act, 1957, and Gift-tax Act, 1958, will not be required following this remission.
The Income tax department has made an update that āEligible outstanding direct tax demands have been remitted and extinguished.ā
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In case of queries/concerns, please call 18003090130 or write an email to taxdemand@cpc.incometax.gov.in so that your concerns can be addressed.
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