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of <h1>Tax authorities can waive interest under sections 201(1A)(ii) and 206C(7) with one-year application deadline</h1> The Central Board of Direct Taxes issued a clarification regarding Circular No. 5/2025 dated 28.03.2025 concerning waiver of interest under sections 201(1A)(ii) and 206C(7) of the Income-tax Act, 1961. The clarification establishes that prescribed authorities can pass waiver orders after the circular's issuance date. Applications for interest waiver must be filed within one year from the end of the financial year for which interest is charged. Importantly, waiver applications are acceptable for interest charged even before the circular's issuance, provided the one-year filing deadline is met.
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