In stride towards streamlining tax procedures and enhancing taxpayer convenience, the Income Tax Department has commenced the process of closing old demands through the Income Tax Portal. This initiative marks a pivotal step in fulfilling the commitments outlined in the Interim Budget 2024, aimed at reducing the backlog of pending tax demands and ensuring greater efficiency in tax administration.
In the interim budget of 2024, the Finance Minister Nirmala Sitharaman announced to eliminate all unsettled contested direct tax demands amounting to Rs 25,000 or less. This decision aims to enhance the quality of life for taxpayers. According to the interim budget speech of 2024, approximately 1 crore taxpayers stand to gain from this initiative.
As the image shows, the demands below Rs. 25,000 are closed.
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