Modi government gave big relief to 1 crore taxpayers
New Delhi: Modi government has given big relief to billions of taxpayers of the country. According to this, outstanding tax up to Rs 100,000 of all taxpayers will be waived off. The Income Tax Department has set a limit of Rs 100,000 per taxpayer for levying marginal tax. The decision was taken after the announcement of abolition of direct tax obligations in the interim budget 2024.
The Income Tax Department has laid down the deduction rules highlighting the tax requirements for the assessment year 2015-16 through an official order.
Earlier, Finance Minister Nirmala Sitharaman had said that keeping the taxpayers in mind, the government will help people with old disputed tax claims in direct tax matters in the interim Budget 2024-25. tax claims). , Accordingly, an amount up to Rs 25,000 pending income tax assessment up to the financial year 2009-10 and Rs 10,000 up to the financial year 2010-11 will be withdrawn. The Finance Minister said that the government’s focus is on improving services for taxpayers.
This measure is expected to benefit taxpayers and reduce the financial burden. Withdrawal of outstanding direct tax claims for 2024-25 will benefit 1 billion taxpayers, he said.
In a new order, the IT department has announced that pending taxes related to income tax, wealth tax and gift tax will be waived off till January 31, 2024. However, there is a limit of Rs 100,000 per taxpayer. This includes interest, penalties, fees, surcharges and tax claims.
