Withdrawal of past small direct tax demands - Budget 2024
Finance Minister Nirmala Sitharaman in the Budget 2024 had announced withdrawal of past small direct tax demands as under:
| Demands upto Rs. | Period | Max Ceiling per Assessee |
|---|---|---|
| Rs. 25,000/- | Upto FY 2009-10 | Rs. 1,00,000/- |
| Rs. 10,000/- | From FY 2010-11 to FY 2014-15 | Rs. 1,00,000/- |
Direct tax demands include demands pertaining to Income Tax, Wealth Tax & Gift Tax.
This is expected to benefit about 1 crore assessees and an estimated Rs. 3,500/- crore of demands will be withdrawn following the announcement.
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