Tax dept waives pending demands up to ₹1 lakh per taxpayer: Who benefits?

The Central Board of Direct Taxes (CBDT)/Member (In-charge of Systems and Faceless Scheme), CBDT, is set to issue directions/clarifications to facilitate the proper implementation of this order.

Following the directives outlined in the Budget 2024, the Central Board of Direct Taxes (CBDT) has issued an order for the remission and extinguishment of certain outstanding direct income tax demands. This move, detailed in the Finance Minister's interim Budget speech on February 1, 2024, aims to provide relief to taxpayers.

The CBDT's order, dated February 13, 2024, specifies the criteria for remission and extinguishment.

Monetary limits and assessment years covered

The relief covers outstanding tax demands under the Income-Tax Act, 1961, Wealth-tax Act, 1957, and Gift-tax Act, 1958, as of January 31, 2024.