Budget News: Budget 2024 income tax: FM Nirmala Sitharaman has announced an income tax amnesty for taxpayers with outstanding direct tax demand disputes with the i
The government will withdraw all outstanding income tax demands up to ₹25,000 for the period before FY10 and those up to ₹10,000 for the period between FY11 and FY14, finance minister Nirmala Sitharaman said. This move aims to reduce frivolous tax litigation and burden from the tax department. The decision will help close 11 million pending demands of income, wealth, and gift taxes, involving less than ₹3,500 crore.
Missed timelines, manpower crunch pose challenges for insolvency resolution proceedings devdiscourse.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from devdiscourse.com Daily Mail and Mail on Sunday newspapers.
Stressed asset resolutions under the Insolvency and Bankruptcy Code faced delays due to staff shortages at the National Company Law Tribunal (NCLT) and appellate tribunal. Aviation players, including Go First, sought insolvency protection with limited success. By September, creditors had realized Rs 3.16 lakh crore through IBC resolutions since 2016.