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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>CBDT Circular: Interest Calculation u/s 220(2) of Income Tax Act Clarified for Timely Compliance by ITOs.</h1> The circular from the Central Board of Direct Taxes (CBDT) dated November 27, 1974, addresses the calculation and charging of interest under Section 220(2) of the Income Tax Act, 1961, as per Rule 118 of the Income Tax Rules, 1962. It mandates Income Tax Officers (ITOs) to calculate interest on outstanding tax, penalty, or other sums at the end of each financial year and issue a demand notice by April 30. If payment is made before March 31, interest should be calculated up to the payment date and charged within a week. The instructions aim to ensure consistent application across all ITOs.
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