 "Illustration: Ajay Mohanty")
The income tax (I-T) department has decided to waive tax arrears up to Rs 100 for individuals struggling with small dues.
The unprecedented step by the Central Board of Direct Taxes (CBDT) has been approved by Finance Minister Arun Jaitley.
The government will forgo Rs 7 crore in tax revenue but will be able to close 1.8 million cases, making up for over 10 per cent of total I-T arrears entries by volume. The move will also ensure smoother tax refunds.
“Most of these cases are older than three years. It will de-clutter our database,” an official said. He added
