Interest charging obligations require full interest be levied unless statutory waiver applies; any waiver must be recorded in assessment orders. Full interest must be charged where statutory provisions make interest payable for delayed returns, insufficient advance-tax, failure to furnish ... Summary
Interest charging obligations require full interest be levied unless statutory waiver applies; any waiver must be recorded in assessment orders.
Full interest must be charged where statutory provisions make interest payable for delayed returns, insufficient advance-tax, failure to furnish prescribed estimates, or non-payment of tax demand, and any waiver or reduction is permissible only under the specified rules or provisos and must be recorded in the main body of the assessment order to show the omission was intentional and authorised.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
