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of <h1>Income Tax Bill Clause 469: Principal Commissioners Can Waive Penalties for Voluntary Disclosure and Cooperation.</h1> Clause 469 of the Income Tax Bill, 2025, grants the Principal Commissioner or Commissioner the authority to reduce or waive penalties under certain conditions. This discretion applies if the taxpayer voluntarily discloses accurate income details before detection and cooperates with inquiries, provided taxes and interest are paid or arranged. For penalties exceeding specific thresholds, prior approval from higher authorities is necessary. Taxpayers can apply for penalty relief if facing genuine hardship, with decisions made within twelve months. Orders are final and cannot be contested, ensuring a structured process for penalty mitigation.
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