TMI BlogRemission of Certain Outstanding Direct Tax DemandsX X X X Extracts X X X X X X X X Extracts X X X X ..... ing claims to revenue, being tax demands under Income-tax Act, 1961 or Wealth-tax Act, 1957 or Gift-tax Act, 1958 (hereinafter referred as, Acts ) which are outstanding as on January 31, 2024 (as indicated in column 2 below) with effect from the date on which such demands were created/ raised/ modified pertaining to the Assessment Years (as indicated in column 1 below) in respect of taxpayers/ assessees :- Assessment Year/s (A.Y.) to which the entries of outstanding tax demands as on January 31, 2024 pertain Monetary limit of entries of outstanding tax demands which are to be remitted and extinguished (in Rupees) (1) (2) Upt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst such a taxpayer/ assessee, as a result of application of sub-clause (xviii) of sub-section (24) of section 2 of the Income-tax Act, 1961 , the same shall also be remitted and extinguished. 4. The above remission and extinguishment of entries of outstanding demand shall be carried out in respect of each demand entry falling within monetary limit as specified at para-1 above starting from the earliest assessment year to subsequent assessment year(s), subject to the condition that aggregate value of such demand entries shall not exceed the maximum ceiling of Rs. 1,00,000/- (Rupees one lakh) for any specific taxpayer/ assessee 4.2 Further, in order to compute the aforesaid maximum ceiling of Rs. 1,00,000/- (Rupees one lakh), any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7, the above remission and extinguishment of entries of outstanding tax demand under the aforesaid Acts shall not have the requirement of audit. 7.1 This order shall be implemented by the Directorate of Income-tax (Systems)/ Centralized Processing Centre, Bengaluru (CPC), preferably within two months. 7.2 Rectification of any apparent mistake related to the implementation of this order, which may come to the notice shall be carried out by the CPC, Bengaluru and such rectification shall be considered to be the execution of this order. 8. The Central Board of Direct Taxes (CBDT)/Member (In-charge of Systems and Faceless Scheme), CBDT shall issue directions/ clarifications for any incidental actions required for proper implementatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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