Press Trust of India

Govt to withdraw 1.1 crore small tax demands totalling Rs 3,500 crore: Revenue Secretary

Decrease Font Size Increase Font Size Text Size Print This Page

New Delhi: The government will withdraw as many as 1.11 crore disputed tax demands totalling Rs 3,500 crore for the five-year period till 2014-15 under a Budget proposal that aims to end hardships for small taxpayers, an official said on Thursday.

Revenue Secretary Sanjay Malhotra said these pending demands are in respect of income, wealth and gift taxes, some even dating back to 1962. In all, 2.68 crore tax demands aggregating Rs 35 lakh crore are being disputed at various foras.

He said out of the 2.68 crore demands, there are 2.1 crore demands which are valued at less than Rs 25,000.

Out of the 2.1 crore demands, about 58 lakh pertain to FY2009-10 and another 53 lakh entries from 2010-11 and 2014-15.

“1.1 crore small demands of Rs 25,000 and Rs 10,000 for 5 years, these are being remitted. The total amount is less than Rs 3,500 crore,” Malhotra said.

In her interim budget speech for 2024-25, Finance Minister Nirmala Sitharaman announced withdrawal of outstanding direct tax demands up to Rs 25,000 pertaining to 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15, to benefit about a crore tax-payers.

“In line with our government’s vision to improve ease of living and ease of doing business, I wish to make an announcement to improve tax payer services.

“There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest tax payers and hindering refunds of subsequent years,” Sitharaman said.

Press Trust of India

Press Trust of India is lead news agency of India

Leave a Reply

Your email address will not be published. Required fields are marked *