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The limit of Rs 1 lakh would include principal component of tax demand, interest, penalty or fee, cess, surcharge. However, the remission shall not be applicable on the demands raised against the tax deductors or tax collectors under TDS or TCS provisions of the I-T Act.
The Central Board of Direct Taxes (CBDT), in an order last week, has asked the directorate of income tax (DIT) (systems) and central processing centre (CPC) to implement, preferably within two months, remission and extinguishment of 'small demands' outstanding as of 31 January 2024.
The Budget 2024-25 announced that tax demands for AY 2010-11 of up to Rs 25,000 and for AY 2011-12 to 2015-16 of up to Rs 10,000 will be withdrawn