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.
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