Relief for Small Tax Demands Cleared: Income Tax 2024

How to Check Your Status?

To verify if your tax demand has been waived, follow these steps:

A. Visit: pending action > response to outstanding demand.

B. Look for the status of ‘extinguished demands’ in your case.

C. For queries, call 1800-309-0130.

D. Email your concerns to taxdemand@cpc.incometax.gov.in.

Also Read: Relief for Small Tax Demands Cleared

Withdrawal of Tax Demands

The government proposed to withdraw outstanding direct tax demands dating back years, causing anxiety to honest taxpayers.

“There are disputed tax demands some of them dating back to 1962 causing anxiety to the honest tax payers, so I propose to withdraw such outstanding direct tax demand up to ₹25,000 pertaining to the period up to FY 2009-10 and up to ₹10,000 up to 2010-11 to 2014-15,” said Sitharaman in the Budget speech. This is expected to benefit one crore tax payers, she added

In another development, Life Insurance Corporation of India announced receiving refund orders totaling ₹21,740.77 crore from the Income Tax Department for Assessment Years 2012-13 to 2019-20.

Also Read: Relief for Small Tax Demands Cleared

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Paytm Founder Vijay Shekhar Sharma Meets Sitharaman: Reports

Reports suggest that One97 Communications, the parent company of the payment services firm, faced a significant decline in its stock value following major business restrictions imposed by the Reserve Bank of India (RBI) against Paytm Payments Bank Ltd (PPBL).

Earlier on the same day, Reuters revealed that Sharma and Paytm officials had met with the RBI on February 5 to discuss regulatory concerns.

These meetings come after the RBI instructed Paytm Payments Bank on January 31 to halt new deposits in its accounts and digital wallets from March due to supervisory concerns and non-compliance with rules.

As per Paytm Founder Vijay Shekhar Sharma Meets Sitharaman. Sources mention ongoing discussions to address regulatory concerns and compliance issues with both the RBI and the ministry.

Paytm has requested an extension of the February 29 deadline from the RBI and seeks clarity on the transfer of its license for the wallets business and Fastag digital highway toll payment service, according to sources.

“The RBI listened to Paytm without making any commitments,” said another source.

Responses from Paytm, RBI, and the finance ministry to Reuters’ request for comment are still pending.

As of February 5, Paytm’s shares had dropped by about 42%, causing a $2.5 billion reduction in its market value. Concerns arose about the broader business impact, as Paytm Payments Bank plays a crucial role in the digital payments app, competing with platforms like Walmart’s PhonePe and Google.

As Paytm Founder Vijay Shekhar Sharma Meets Sitharaman. On February 6, the stock hit a record low following a Reuters report on the Enforcement Directorate investigating potential violations of foreign exchange rules by the company.

A Paytm spokesperson refuted the allegations, denying any foreign exchange law violations.

There are speculations that the RBI’s regulatory actions might lead to the cancellation of Paytm’s license, according to a source familiar with the matter from last week.

On Tuesday, Paytm’s shares partially recovered, closing 2.9% higher at 451.15 rupees, after an earlier 8% increase.

Avinash Gorakshakar, head of research at Profitmart Securities, suggested that this share move could be a “dead-cat bounce” amid ongoing negative news affecting the stock.

Bernstein lowered its target share price but maintained an outperform rating, anticipating Paytm’s ability to successfully navigate operational changes required to overcome the imposed restrictions.

Also Read: Paytm Founder Vijay Shekhar Sharma Meets Sitharaman

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