Interest u/s 139, 215, 217 and 220(2).

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..... ses in which interest under section 139, 215, 217 and 220(2) was not charged by the Income-tax Officers. The corresponding amounts thus under-charged also have been increasing. The following figures will illustrate the position:- The Board would like full interest to be charged in all suitable cases, where waiver or reduction of interest is not called for under Rules 40, 117A, 118 and 119 of the .....

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..... id on the basis of an estimate filed within the due date in the prescribed form and verified in the prescribed manner which qualifies for being treated as Advance-tax. Other payments have to be ignored while computing interest chargeable under section 215. 4. Interest under section 216 217-Under section 216(1) and 217(1A) interest has to be charged in all cases where the persons referred to in .....

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..... that the relevant provisions may please be brought to the notice of every Income-tax Officer in the charge. They should be asked to invariably record in the main body of the relevant assessment orders the fact of their having waived or reduced the interest, where they are doing so. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia .....

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