The Central Board of Direct Taxes (CBDT) has come out with an order stating it will waive small income-tax demands, with a ceiling of Rs 1 lakh per taxpayer across assessment years. Taxpayers with old, outstanding taxes will benefit from the scheme.
“The CBDT’s decision to drop minor tax demands and shift focus to larger taxpayers and increased tax collection is a very good move. The fact that it will benefit more than 1 crore taxpayers is the icing on the cake,” says S R Patnaik, partner (head-taxation), Cyril Amarchand Mangaldas.
The background
At the start of this financial year (FY24),