CBDT Circular Urges Officers to Comply with Interest Calculation Rules under Income-tax Act, 1961; Biannual Reviews Mandated.
The circular from the Central Board of Direct Taxes (CBDT) addresses compliance issues related to the calculation and collection of interest by Income-tax Officers and Tax Recovery Officers under the Income-tax Act, 1961. It highlights failures to charge and indicate interest on arrears in accordance with Rules 118 and 119 of the Income-tax Rules, 1962. The Board instructs that these officers be reminded of their obligations and mandates half-yearly reviews by Inspecting Assistant Commissioners to ensure compliance. Reports of these reviews are to be submitted to the Board by specific deadlines for further evaluation.
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