In the Interim Budget 2024-25, Finance Minister Nirmala Sitharaman announced the withdrawal of outstanding direct tax demands.
To execute such a proposal, the CBDT issued an order to remit and extinguish revenue claims, setting monetary and ceiling limits for waivers. This article discusses the key takeaways from the CBDT's order, including:
‣ Legislations covered
‣ Monetary limit for waiver of demand
‣ No waiver for TDS/TCS demands
‣ Eligible tax demand and maximum ceiling
‣ Interest on account of delayed payment is not to be considered
‣ No tax liability on waiver of outstanding tax demand
‣ Demand entry to be considered from the earliest assessment year
‣ No credit or refund, or immunity from criminal proceedings
‣ Will the assessee get the refund withheld by the AO to offset the outstanding tax demands?
‣ Case study
