Withdraw tax demandsIt is worth remembering that the government proposed to withdraw outstanding direct tax demands dating to years and decades ago. There were some old disputed tax demands — dating back to 1962 — causing anxiety to the honest tax payers. This is expected to benefit one crore tax payers, she added. In another news, Life Insurance of India of India announced that it received refund orders for ₹21,740.77 crore from the Income Tax Department. The country’s largest insurer had received refund orders for Assessment Years 2012- 13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20.

Source: Mint February 23, 2024 15:28 UTC