The income tax (I-T) department has announced that eligible outstanding direct tax demands have been remitted and extinguished. In other words, the taxpayers who were staring at petty tax demands of lower than ₹1 lakh from the department now have a reason to heave a sigh of relief.
This was done as a follow up action of an announcement made by Union Finance Minister Nirmala Sitharaman during the interim Budget.
How to check your status?
In order to check the status of your case as to whether tax demand has been waived off, the department advises taxpayers to log into their account and take these steps:
A. Follow the path: pending action > response to outstanding demand.
B. Here you can look for the status of ‘extinguished demands’ in your case.
C. In case you still have some queries or concerns, you may call 1800 309 0130.
D. One can also send an email to taxdemand@cpc.incometax.gov.in for your concerns to be addressed.
Withdraw tax demands
It is worth remembering that the government proposed to withdraw outstanding direct tax demands dating to years and decades ago.
There were some old disputed tax demands — dating back to 1962 — causing anxiety to the honest tax payers.
ALSO READ: ITR 2024: Income Tax vs TDS. How the two are different?
“There are disputed tax demands some of them dating back to 1962 causing anxiety to the honest tax payers, so I propose to withdraw such outstanding direct tax demand up to ₹25,000 pertaining to the period up to FY 2009-10 and up to ₹10,000 up to 2010-11 to 2014-15,” said Sitharaman in the Budget speech. This is expected to benefit one crore tax payers, she added
In another news, Life Insurance of India of India announced that it received refund orders for ₹21,740.77 crore from the Income Tax Department.
The country’s largest insurer had received refund orders for Assessment Years 2012- 13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
Published: 23 Feb 2024, 11:14 AM IST