FE
In an attempt to bring relief to about 10 million taxpayers, outstanding direct tax demands up to Rs 25,000 for the period till FY10 and up to Rs 10,000 for the period between FY11 and FY15 have been withdrawn. This may provide a relief of around Rs 3,400 crore to the taxpayers, as per estimates.
“There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing anxiety to honest taxpayers and hindering refunds of subsequent years,” finance minister Nirmala Sitharaman said.
Experts say the move is expected to provide relief to a large section of small- and mid-level taxpayers.Sitharaman said the introduction of faceless assessment and appeal has imparted greater efficiency, transparency and accountability; and new form 26AS and prefilling of returns have made filing simpler and easier.
