Income Tax Department to waive off petty tax demands for 80 Lakh taxpayers on its own accord:

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Income Tax Department to waive off petty tax demands for 80 Lakh taxpayers on its own accord:

 

1.The Central Board of Direct Taxes ( CBDT ) Chairman, Nitin Gupta, has announced that, the income tax department will autonomously clear pending petty tax demands for approximately 80 lakh taxpayers.

2.This initiative follows the government’s proposal, as outlined in the interim Budget, to withdraw direct tax demands up to Rs 25,000 for the fiscal year 2009-10 and up to Rs 10,000 for the financial years 2010-11 to 2014-15.

3.CBDT Chairman assured that the income tax department would erase these demands, relieving taxpayers of any action. The process is designed to be non-adverse to the assessee, and taxpayers won’t be contacted regarding this matter. However, details of the demands will be available on the individual taxpayers’ e-filing portal for review. If any issues arise, the department will address them promptly.

4.He highlighted that the CBDT would issue a “speaking order” to explain the process comprehensively. If taxpayers encounter problems related to demand cases, the department will address rectifications, pending appeals, or refund issues.

5. Approximately 80 lakh taxpayers are expected to benefit from this measure, involving an amount of about Rs 3,500 crore. The base figure of the demand, irrespective of the interest accumulated over the years, would be considered in determining eligibility for this initiative.

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