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.