The Income Tax (IT) department has announced that it will waive off old tax demands up to INR 1 lakh for any taxpayer under the income tax act, wealth tax act, or gift tax act. This move follows Finance Minister Nirmala Sitharaman’s announcement in her interim-budget speech to withdraw petty tax demands of INR 10,000 a year up to assessment year 2009-10 and each demand of INR 25,000 during assessment years 2011-12 and 2015-16. The remission and extinguishment of such entries of outstanding direct tax demands will not be applicable to demands raised against tax deductors or tax collectors under TDS or TCS provisions.
Income Tax Department to Waive Old Tax Demands up to INR 1 Lakh
![](https://affairsace-media.s3.ap-south-1.amazonaws.com/2024/02/20144331/newindianexpress_2024-02_444c8d02-3cef-472f-ba55-ff20896ab924_SRTHSRH1-ezgif.com-avif-to-jpg-converter-860x761.jpg)