Waiver of interest under sections 234A/234B/234C allowed subject to disclosure, tax payment, specified periods and conditions.

Authorises reduction or waiver of interest under sections 234A, 234B and 234C where income arises after the close of a previous year by operation of a later order, subject to disclosure of the relevant income and payment of the tax attributable to it. Specifies periods for waiver for each section, defines the extent of relief as the difference between interest computed with and without the relevant income, limits application to orders on or after 1 April 1989, and delegates discretion to Chief Commissioners and Directors-General to grant relief in enumerated classes of cases with power to impose conditions.

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