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Interim Budget 2024: Direct Tax Demand Up To ₹ 25,000 To Be Withdrawn. See Key Details
Direct taxes demand up to ₹ 10,000 from the financial years 2010-11 to 2014-15 will also be withdrawn, Finance Minister Nirmala Sitharaman said in her interim Budget 2024 speech The Centre will not pursue taxpayers to recover old and disputed direct taxes up to ₹ 25,000 till the financial year 2009-10, Finance Minister Nirmala Sitharaman said in her interim Budget 2024 speech today. Direct taxes demand up to ₹ 10,000 from the financial years 2010-11 to 2014-15 will also be withdrawn, she said. "This will benefit about one crore taxpayers," Ms Sitharaman said. "... There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as 1962, which continue to remain on the books, causing anxiety to honest taxpayers and hindering refunds of subsequent years. I propose to withdraw such outstanding direct tax demands up ₹ 25,000 pertaining to the period up to financial year 2009-10, and up to ₹ 10,000 for financial years 2010-11 to 2014-15. This is expected to benefit about a crore taxpayers," Ms Sitharaman said. She did not make changes to tax slabs in the interim Budget in keeping with convention. Source - NDTV
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