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of <h1>Income Tax Commissioners Can Reduce Arrears Up to Rs. 1 Lakh; Higher Amounts Need Board Approval.</h1> The circular addresses the issue of scaling down tax arrears, detailing the powers and procedures for handling such cases. Commissioners of Income-tax can scale down arrears up to Rs. 1 lakh, while higher amounts require approval from the Board or Minister. The Board clarifies that scaling down does not overlap with the Income-tax Settlement Commission's powers, as it pertains to finalized assessments where full payment is difficult. Settlements should result in better recovery than enforced asset sales, require prompt payment, and necessitate affidavits of assets. Undisclosed assets void settlements, and urgent review of cases is encouraged.
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