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of <h1>CBDT Supersedes 1963 Circular on Section 221 Penalties; 1975 Amendment Now Governs Late Tax Payment Penalties.</h1> The Central Board of Direct Taxes (CBDT) has superseded Circular No. 18D dated July 15, 1963, regarding penalties under Section 221 of the Income-tax Act. Despite the 1975 amendment to Section 221, which clarified that penalties apply even if tax is paid after the due date but before the penalty is levied, some appellate authorities have canceled penalties citing the 1963 instruction. To eliminate confusion, the 1963 instructions are officially superseded by the 1975 amendment, effective from October 1, 1975. This update must be communicated to all relevant officers.
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