Section 128A - Waiver of interest or penalty or both relating to demands raised under section 73, for certain tax periods

Waiver of interest under Section 50 and penalties for full tax paid under sections 73, 107, 108 by notified date

For tax periods from 1 July 2017 to 31 March 2020, a person who pays the full tax demanded under specified notices, statements or orders under sections 73, 107, 108 and related provisions by a government-notified date will have interest under section 50 and penalties waived and the proceedings deemed concluded, subject to prescribed conditions. The waiver does not apply to amounts on account of erroneous refunds, to cases with pending appeals or writs not withdrawn by the notified date, or entitle refund of interest/penalty already paid. Any additional tax directed by appellate or revisional orders must be paid within three months; certain orders become non-appealable once concluded.