This order u/s 119(1) of the Income-tax Act, 1961 specifies the ...

Monetary limits on waiving interest for late tax payment: Up to 50L by Commissioner, 50L-1.5Cr by Chief Commissioner, above 1.5Cr by Pr. Chief Commissioner.

Circulars Income Tax

November 9, 2024

This order u/s 119(1) of the Income-tax Act, 1961 specifies the monetary limits for income-tax authorities to exercise their powers of reduction or waiver of interest payable u/s 220(2) for non-payment of income tax demand. Principal Commissioner/Commissioner can reduce/waive interest up to Rs. 50 lacs, Chief Commissioner/Director General between Rs. 50 lacs to Rs. 1.5 crore, and Principal Chief Commissioner above Rs. 1.5 crore. The reduction/waiver is subject to conditions of genuine hardship, circumstances beyond assessee's control, and assessee's cooperation in proceedings. The order aims to facilitate proper administration of the Act.

View Source

← Previous Next →

This order u/s 119(1) of the Income-tax Act, 1961 specifies the ...

Monetary limits on waiving interest for late tax payment: Up to 50L by Commissioner, 50L-1.5Cr by Chief Commissioner, above 1.5Cr by Pr. Chief Commissioner.

Circulars Income Tax

November 9, 2024

You may also like:

Income Tax: Proposed amendment to increase simple interest rate from 1% to 1.5% per month or part thereof on late payment of tax collected at source (TCS) to government...

The circular addresses the Reduction of Government Litigation by setting monetary limits for filing appeals before GSTAT, High Courts, and Supreme Court. It refers to...

Disallowance interest on delayed payment of service tax - It is well settled principle that interest on late payment of Service Tax is not penal in nature. Since, it is...

The assessee claimed deduction for interest and late fees paid on account of delay in filing GST returns. The authorities disallowed the claim, invoking Explanation 1 to...

Waiver of interest u/s 234A, 234B and 234C - Interest assessed on account of non-payment of advance tax - prayer for waiver of Interest declined as that late assessee...

Interest paid on late payment of TDS - allowable deduction u/s 37(1) or not? - Interest on delayed payment of TDS cannot be allowed as deduction. - The interest...

Whether “Tax Payments“ by employer on behalf of Employee be considered as a taxable Perquisite further liable to tax - Taxes paid by the employer on behalf of the...

Disallowance of expenses on account of interest on late payment of service tax - CIT(A) deleted the disallowance holding that the interest on late payment of service tax...

Interest liability - seeking waiver of interest since the payment of service tax was paid under the amnesty scheme - The tribunal observed that the appellant's payment...

Demand of late fee u/s 47(1) of the CGST / SGST Act - delay in filing of returns - Amnesty Scheme - GST portal does not support payment of late fee for late filing...

This notification supersedes an earlier notification No. 22/2021-Central Tax, except for actions taken before supersession. It waives the late fee payable u/s 47 of the...

Deduction of interest on late deposit of TDS under Section 37(1) - payment of interest on late deposit of tax deduction at source by the assessee leviable u/s 201 (1A)...

Interest u/s 234B - The term “assessed tax” has been defined in Explanation-1 of Section 234B (1). As per said Explanation-1 “assessed tax” means the tax on the total...

Maintainability of appeal - monetary limit involved in the appeal - It is thus clear from the CBEC circulars which are binding on the revenue that the monetary limit for...

Payment of interest for delay in payment of agricultural income tax - the interest paid is having direct nexus with agricultural income which is exempt from tax u/s...

Quick Updates: