Income Tax department to waive old tax demands up to 1 lakh for taxpayers

THE Income Tax (IT) department will waive off old tax demand up to 21 lakh for any taxpayer under the income tax act or wealth tax act or gift tax act, its notification said.

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Finance Minister Nirmala Sitharaman in her interimbudget speech had announced the withdrawal of petty tax demands of 10,000 a year upto assessment year (AY) 2009-10 and each demand of ₹25,000 during AY 2011-12 and AY 2015-16.

This order shall be implemented by the Directorate of Income Tax(Systems)/Centralised processing centre, preferably within two months.