Order under section 119(1) of the Income-tax Act, 1961 fixing monetary limits of the income-tax authorities in respect of reduction or waiver of interest paid or payable under section 220(2) of the Income-tax Act

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... of Direct Taxes New Delhi, 4th November, 2024 Subject: Order under section 119(1) of the Income-tax Act, 1961 fixing monetary limits of the income-tax authorities in respect of reduction or waiver of interest paid or payable under section 220(2) of the Income-tax Act- reg. Section 220(2) of the Income-tax Act ('the Act') deals with the consequences of non-payment of income tax by a taxpaye .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Board of Direct Taxes, for the proper administration of the Act, hereby specifies the following monetary limits as under: S.NO Income-tax Authority Monetary Limits for reduction or waiver of interest 1. Pr.ClT/ CIT Upto Rs.50 lacs 2. CCIT/ DGIT Above Rs. 50 Iacs to Rs. 1.5 crore 3. Pr.CCIT Above Rs. 1.5 crore 3. The powers of reduction or waiver of the interest paid or payable under section 220(2 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X