Centre withdraws outstanding tax demands up to Rs 25,000 up to FY10
Budget 2024: Finance Minister Nirmala Sitharaman where on the one hand left the direct and indirect tax rates unchanged, on the other, she withdrew the outstanding direct tax demands for select financial years in the past. The Interim Budget 2024 proposes to withdraw such tax demands up to Rs 25,000 till the financial year 2009-10, and up to Rs 10,000 for five financial years till March 2015, in a move expected to benefit about one crore tax assessees.
“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 while presenting the Interim Budget in Parliament.
