In the Interim Budget 2024, the Central Government withdrew Outstanding direct tax demands up to ₹ 25,000 pertaining to period up to FY 2009-10.
“I propose to withdraw such outstanding direct tax demands up to twenty-five thousand rupees ( ₹ 25,000 ) pertaining to the period up to financial year 2009-10 and up to ten-thousand rupees ( ₹ 10,000 ) for financial years 2010-11 to 2014-15. This is expected to benefit about a crore tax-payers” said Finance Minister Nirmala Sitharaman in the budget session today.
The proposal will help resolve tax disputes pending for several decades.
“As for tax proposals, in keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties,” she said.
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