MP: 'Interim Budget Announce Waiver Of Direct Tax Demands Of Up To Rs 25K'

MP: 'Interim Budget Announce Waiver Of Direct Tax Demands Of Up To Rs 25K'

Through the PPT presentation, Joshi section-wise elaborated on the provisions pertaining to TDS.

FP News ServiceUpdated: Sunday, February 04, 2024, 09:27 PM IST
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Ratlam (Madhya Pradesh): Kar Salahkar Parishad (KSP) organised a study circle meeting on Saturday evening to discuss the provisions of the Interim Budget-2024 presented by Union Finance Minister Nirmala Sitharaman and also to discuss some of the important provisions of the Income Tax Act, 1961. The meeting was presided over by KSP president Rajesh Khabiya. The chief speakers were senior chartered accountant Navin Pokharna and Vishal Joshi, a tax consultant.

Navin Pokharna said that in the Interim Budget-2024, withdrawal or waiver of a small amount of disputed income tax outstanding demands lying in the records of the Income Tax Department from years together has been announced. He said that no statutory amendment has been proposed to this effect in the Income Tax Act, 1961, and therefore one will have to wait for detailed instructions or a circular to understand the exact scope and coverage of such an announcement.

Pokharna said that it will also have to be clarified by the CBDT as to what will be the treatment for such outstanding demands from previous years, which have already been adjusted at the time of completion of the assessment against the refunds. He said that as per the Union Finance Minister’s announcement in the Interim Budget, direct tax demands of up to Rs 25,000 pertaining to the period up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15 will be covered for waiver purposes.

The announcement of withdrawal or waiver of outstanding direct tax demands up to a certain limit is welcome and practical proposition which will streamline the tax administration, asserted Pokharna. Tax consultant Vishal Joshi highlighted the existing provisions of the tax deduction at source (TDS) in the Income Tax Act, 1961. He said that linking the PAN and Aadhaar of the deductee is very important; otherwise, TDS will have to take place at a higher rate, and neither return filing nor refund will be possible in such cases. Through the PPT presentation, Joshi section-wise elaborated on the provisions pertaining to TDS.

The meeting was conducted by secretary Sandeep Moonat. Memento was presented to the speakers by SL Chaplot, Kedar Agrawal, and senior advocate K K Mandora. Vice-president Chandrabhushan Rawat, joint secretary Rakesh Bhatewara and a good number of chartered accountants and tax consultants were present. At the end, treasurer Ashok Bhandari gave a vote of thanks.

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