CBDT Releases Order to Waive off Outstanding Tax Demand, Capped at Rs. 1 Lakh per Assessee

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.... (GFRs) is hereby accorded to remit and extinguish the following 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) Upto A.Y. 2010-11 each demand entry upto ....

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....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 demand entry having value more than the aforesaid monetary limits as specified in para-1 above shall not be t....