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Interim Budget 2024: Direct Tax Demand Up To Rs 25,000 To Be Withdrawn. See Key Details

Direct tax demand as much as Rs 25,000 and Rs 10,000 might be scrapped until a sure interval

New Delhi:

The Centre won’t pursue taxpayers to get well previous and disputed direct taxes as much as Rs 25,000 until the monetary 12 months 2009-10, Finance Minister Nirmala Sitharaman stated in her interim Price range 2024 speech right now.

Direct taxes demand as much as Rs 10,000 from the monetary years 2010-11 to 2014-15 can even be withdrawn, she stated.

“This may profit about one crore taxpayers,” Ms Sitharaman stated.

“… There are numerous petty, non-verified, non-reconciled or disputed direct tax calls for, lots of them relationship way back to 1962, which proceed to stay on the books, inflicting anxiousness to trustworthy taxpayers and hindering refunds of subsequent years. I suggest to withdraw such excellent direct tax calls for up Rs 25,000 pertaining to the interval as much as monetary 12 months 2009-10, and as much as Rs 10,000 for monetary years 2010-11 to 2014-15. That is anticipated to profit a couple of crore taxpayers,” Ms Sitharaman stated.

She didn’t make adjustments to tax slabs within the interim Price range consistent with conference.

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