The Centre will not pursue taxpayers to recover old and disputed direct taxes up to Rs 25,000 till the financial year 2009-10, Finance Minister Nirmala Sitharaman said in her interim Budget 2024 speech today.
Direct taxes demand up to Rs 10,000 from the financial years 2010-11 to 2014-15 will also be withdrawn, she said.
"This will benefit about one crore taxpayers," Ms Sitharaman said.
"... There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as 1962, which continue to remain on the books, causing anxiety to honest taxpayers and hindering refunds of subsequent years. I propose to withdraw such outstanding direct tax demands up Rs 25,000 pertaining to the period up to financial year 2009-10, and up to Rs 10,000 for financial years 2010-11 to 2014-15. This is expected to benefit about a crore taxpayers," Ms Sitharaman said.
She did not make changes to tax slabs in the interim Budget in keeping with convention.
"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.
"However, certain tax benefits to start-ups and investments made by sovereign wealth or pension funds as also tax exemption on certain income of some IFSC units are expiring on 31.03.2024. To provide continuity in taxation, I propose to extend the date to 31.03.2025," Ms Sitharaman said.
Featured Video Of The Day
Book Explores Bharat Ratna Awardee Karpoori Thakur's Legacy
What Is The Difference Between New And Old Income Tax Slabs Interim Budget vs Full Budget: Know The Difference Opinion: Opinion: Nirmala Sitharaman's Speech Redefines Secularism, Recasts Castes Travel Influencer Aanvi Kamdar Dies After Falling Off A Waterfall Near Mumbai Amid Huge Row, Karnataka Pauses Bill For Reservation In Private Sector Firms BJP Subtly Asking Ajit Pawar To Quit "Mahayuti": Sharad Pawar's NCP Biden Says Could Drop Election Bid If "Medical Condition" Emerged Russia Says It's Ready To Work With Any US Leader 3 People Die After Drowning In Lake In Telangana: Cops Track Latest News Live on NDTV.com and get news updates from India and around the world.