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As per the circular, tax officials at different levels will have authority to either waive off or reduce interest payable by a taxpayer, subject to conditions. The circular is effective immediately. As per the Income Tax Act, taxpayers who fail to pay the amount specified in a notice of demand will incur simple interest at a rate of 1% per month for any delay in payment. However, the CBDT has established specific monetary limits for income-tax authorities regarding the granting of waivers or reductions on this interest.
This story is from the November 06, 2024 edition of The Morning Standard.
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This story is from the November 06, 2024 edition of The Morning Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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Finding Fanny
You're at a grocery store, juggling your phone, wallet, and keys, wishing you had an extra pair of hands to keep everything organised. Or picture yourself on a thrilling trek, wind in your hair, lungs puffed with energy, ready to embrace every moment – but the hassle of managing your essentials takes away from the joy.
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Shah says India incomplete without Northeast
STRESSING on the key role played by Northeast states in the unity of the country, Home Minister Amit Shah on Thursday said India remained incomplete without the region.
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Whoops of joy ring Ramlila Maidan as BJP marks triumphant return to city
The early morning sun bathed Ramlila Maidan, a witness to many political milestones, in soft gold as thousands gathered, their saffron scarves catching the light.
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High Five For Shami As India Win Opener
Veteran stars with ball while Gill hits ton as Men in Blue beat B'desh
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BUY REGULARLY, STAY INVESTED IN MKT
PLAY the Game as per your strength. A Reverse sweep is a tough shot.
Shareholders Approve Demerger of Vedanta into 5 Independent Cos
VEDANTA LTD announced on Thursday that its shareholders and lenders have approved the company's plan to split into five independent entities.
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Water diversion at pilgrimage site for commercial use in HP triggers row
THE Himachal Pradesh government's proposed nature park, which includes jacuzzis and hot baths in the Parvati Valley of Kullu's Kasol, is facing stiff opposition from residents.
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Haryana finish on top, Tamil Nadu runners-up
WITH 49 gold medals, Haryana emerged as the overall champion at the 23rd National Paralympic Athletics Championship, held at Jawaharlal Nehru stadium.
CM's social media posts taken down after swearing-in
SOON after being appointed Delhi Chief Minister, Rekha Gupta, the BJP MLA from Shalimar Bagh and former Delhi Mayor, sparked controversy by deleting several old posts on her handle in the social media platform 'X'.
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Bangladesh Border Guard Chief Calls Attacks on Minorities 'Exaggerated'
The Director General of Border Guard Bangladesh (BGB) Maj General Mohammad Ashrafuzzaman Siddiqui on Thursday denied reports of attacks on minorities in his country and termed them as \"exaggerated\" and asserted authorities have taken steps for their protection.