Income Tax: Relief for Small Tax Demands Cleared – Check Your Status

TheNewsay Staff — Thu, 29 Feb 2024 02:30:00 +0000

Income Tax: Relief for Small Tax Demands Cleared – Check Your Status: The income tax department has cleared and extinguished small outstanding direct tax demands, offering relief to taxpayers facing demands of less than ₹1 lakh. This action follows an announcement by Union Finance Minister Nirmala Sitharaman during the interim Budget.

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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The Reserve Bank of India (RBI) Takes 8 Steps for Secure Digital Payments

TheNewsay Staff — Wed, 28 Feb 2024 02:35:00 +0000

RBI Takes 8 Steps for Secure Digital Payments: The Reserve Bank of India (RBI) is committed to ensuring the security of digital payment systems in India. Kunal Varma, CEO of Freo, highlighted the RBI’s measures, such as specific OTPs for new payees, individual OTPs for high-value transactions, and limited OTP time windows.

These steps, along with advanced encryption, authentication technologies, second channel notifications, and risk-based transaction monitoring, aim to foster a secure and reliable digital payments ecosystem.

RBI uses various channels like digital, print, and audio-visual media through the “RBI Kehta Hai” program to create customer awareness. The central bank issues master directions on digital payment security controls to banks and regulated entities to safeguard customer data confidentiality and integrity.

Also Read: RBI Takes 8 Steps for Secure Digital Payments

Shikhar Aggarwal, Chairman of BLS E-Services, advises users not to share sensitive information like card details, passwords, PINs, OTPs, CVVs, UPI-PIN, and to avoid financial transactions on public Wi-Fi networks. Additionally, users are urged not to store crucial banking data on their mobiles, emails, electronic wallets, or purses.

RBI Takes 8 Steps for Secure Digital Payments: List

Specific OTPs required from a secondary channel for adding new payees.
New OTPs mandated for high-value transactions.
Managed time limits for OTPs to minimize misuse.
Use of digital signatures and Key-based Message Authentication Codes (KMAC) to prevent unauthorized transactions.
Customer education on rights, responsibilities, and risks under the Consumer Protection Act and internet banking.
Alternate notification method for transactions exceeding a specified value.
Guidance on responding to SSL or EV-SSL certificate alerts to prevent phishing.
Implementation of systems to assess transaction patterns and highlight unusual activities, ensuring alignment with customer behavior.