Tuesday, April 16, 2024

Taking advantage of the tax amnesty scheme, 'this' scheme is applicable on which tax? | leader

Meghna Thakkar

Union Finance Minister Nirmala Sitharaman, while presenting the Interim Budget, clarified that notices issued for tax arrears of up to Rs 25 thousand in a financial year are now withdrawn. This decision will benefit one crore taxpayers of the country. This congregation was caught in the notice of the Income Tax Department.

Work has started on this scheme of withdrawal of income tax department notices and soon the pending tax case will be settled and such message will come on Panlinked mobile number.

After Finance Minister Nirmala Sitharaman's announcement, taxpayers facing arrears notices are relieved; But it is not that only limited people will get the benefit of this discount. Eligible taxpayers who respond to notices issued by the Income Tax Department will also benefit.

On which tax is this scheme applicable?

According to this scheme, the cases of income tax, property tax and gift tax will be settled. If your case breaks down in this way, you have no reason to worry. Because, the tax amnesty process has started and soon the cases of around one crore will be cleared.

How is the tax amnesty scheme?

According to this scheme, if the tax arrears for 2009-10 or earlier is up to 25 thousand, it will be waived off. Lakhs of taxpayers were facing action from the Income Tax Department due to these arrears. Moreover, controversial tax cases up to Rs.10,000 for the period 2010-22 to 2014-15 will be closed.

Rules for closure of disputed cases

The government has laid down some rules to close the controversial cases. As per rules, if there is any dispute regarding payment of tax by an individual during each assessment year from 2010-11 to 2014-15, the dispute shall be settled. These disputes will be resolved absolutely free of charge. There will be no penalty and no processing charges. The entire process will be carried out by the Income Tax Department and the taxpayer will not have to take any effort.

Maximum limit of arrears of tax exemption

The Ministry of Finance has fixed the maximum limit for exemption of tax arrears. No matter how many cases are pending during this period, the arrears up to a maximum of one lakh will be waived off. E.g. If an individual has a total arrears amount of Rs 80 thousand in four financial years, it will be completely waived off. Provided that, if a person has an amount of 1.40 lakhs in a financial year determined to be exempted, he shall be exempted from tax up to one lakh; But the tax case on the remaining 40 thousand will continue.

Is it necessary to apply?

Disputes over tax arrears have been pending for years. Such churches do not need to make any application to get relief from this. The Income Tax Account will automatically detect such cases and initiate the process of closing them. About one crore tax payers will benefit from this announcement made by the government in an election year. The scheme is expected to help small taxpayers.

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